Hyundai to invest $700mn in India

Hyundai Motors (India), a subsidiary of the Korean auto giant, will achieve the one million mark in car sales in India by March 2006, and is likely to pump in about $700 million over the next three years to expand production capacity at its plant near Chennai.

B VR Subbu, president of Hyundai Motors (India), said: "Achieving the one million mark will be very critical for the company. We should achieve it by March 2006. Till now, the company has sold 8,50,000 cars in India in various segments."

The company has also planned to pump in over $700 million in the expansion programme at its Chennai plant to take the manufacturing capacity to four lakh units per annum from the current 2.5 lakh units.

"We are working on a plan. The feasibility report is being prepared to look at various options including setting up an R&D centre," Subbu said. (PTI)