Hyundai CEO meets Indian President PM;announces plans for 2nd plant

New Delhi, Sep 20 (UNI) Hyundai Motor Company (HMC) Chairman and CEO Chung Mong Koo today met President A P J Abdul Kalam and Prime Minister Manmohan Singh to discuss the growing Indian automotive market and the scope for its further growth in Korea and India.

In the meeting with Dr Manmohan Singh, Mr Chung shared Hyundai's comprehensive investment plans for India in line with its position as the number one exporter and he also asked the Indian government for the continued support to Hyundai Motor India (HMI).

Mr Chung said, ''HMI will continue to be a responsible corporate citizen, creating additional employment in Tamil Nadu, contributing to the economy not only of the state but the Indian economy too.'' ''Customer and employee satisfaction will continue to be of paramount importance to us. In this endeavor we solicit the support of the Indian government not only for HMI but also for other Korean vendors who are keen to invest. This will help attract more Korean investment in the country benefiting both the countries,'' he added.

In continuation of its investment in providing the Indian customer global technology, HMIL has announced plans for its second plant, which will produce three lakh units per annum, raising HMIL's total production capacity to six lakh units annually by 2007.

HMIL is investing to expand capacity in line with its positioning as HMC's global export hub for compact cars. Apart from expansion of production capacity, HMIL plans to expand its dealer network, which will be increased from 157 to 200 this year.

As part of its Global Expansion strategy, Mr Chung said, HMI is setting up the new plant with a three lakh capacity, thereby doubling its production. In addition to this, HMI will also set up an engine and transmission plant and a R&D center in India.

Later in the day Mr Chung also met President APJ Abdul Kalam and said.

''The setting up of the second plant, establishing the new R&D center, will increase the production as well as sales of HMI and also change the face of the company in India making it now a comprehensive automotive manufacturer. This investment will take the Indian automotive industry a giant step forward.'' He also requested the government for the early completion of the construction of Chennai-Bangalore highway and a car port in Chennai and a railway connection to the car port.

Presently Hyundai Motor India Ltd (HMIL) markets 32 variants of passenger cars in six segments in the country.

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