Bangalore, Jan 20 (PTI): Korea-based Hyundai WIA, aleading producer of automotive parts, machine tools and heavymachinery, plans to set up two manufacturing plants in Indiawith a combined investment of USD 10 million, a top companyofficial said today.
H S Lheem, President and CEO of Hyundai WIA, part of theHyundai Motor Group, announced commencement of the company''sfirst plant in India near Sriperumbudur in Tamil Nadu, inwhich it''s injecting investment of USD four million.
This plant would have a capacity to manufacture 600,000units annually, and create 100 jobs for skilled personnel inone year, Lheem, who had earlier served as Managing Directorof Hyundai Motor India for four years,told a press conference.
"Although we have been providing our products to clientsin India for the last four years, the setting up of thismanufacturing unit will strengthen our position in thecountry", Lheem said.
"India is fast emerging as the global hub for theautomotive industry and the new plant in Tamil Nadu will helpin catering to the growing demands of this industry".
The company also plans to set up another plant,which wouldcome up either in Tamil Nadu, close to the current facility,or in Andhra Pradesh, he said.
Lheem said in India, the Hyundai WIA would focus initiallyon manufacture of automobile ancillary and fourth generationCV (constant velocity) joints and subsequently diversify intotransmission, casting and forging.
He said the company has already supplied more than 2,000machines in India in the last four years.
Hyundai WIA currently has four dealers in India, andthis number would be scaled up to ten to cover major citiesacross the county, Lheem added.
In addition, the company plans to open a technicalcentre each in Chennai and Delhi.
Hyundai WIA is in discussions with General Motors Indiato supply transmissions, Lheem said.