Lack of incentives from Govt dishearten Hyundai

New Delhi, June 1 (UNI) Hyundai Motors India Ltd (HMIL) today expressed disappointment with the Government for its disinterest and ''lack of initiative'' to its export needs.

Speaking on the sidelines of a function here, HMIL Managing Director and CEO Heung Soo Lheem said the Government ''did not care about the needs of the company''.

''The Government has given us no incentive or help. This is very disapointing,'' he told newspersons.

Mr Lheem said HMIL, which bears heavy duties on its CKD imports, never benifitted from localisation as it was missing.

''The exports of Hyundai rely on the CKD imports with assemblying of cars for export purpose. Substantial support from the Government is missing and it seems the focus is only on volume exports.'' Hyundai plans to double its exports to 2.4 lakh vehicles in 2007-08 from its present 1.2 lakh units and targets revenues of Rs 2,400 crore.

UNI