Hyundai to invest Rs 1,400 crore in Telangana

Hyderabad: Telangana continued to attract huge foreign investments at the ongoing World Economic Forum in Davos with Hyundai Group on Thursday announcing that it would invest a massive Rs 1,400 crore in the State. The company made the announcement after meeting Industries and IT Minister KT Rama Rao on the sidelines of WEF meetings.

Hyundai Chief Innovation Officer YoungCho Chi, who met with Rama Rao at the Telangana Pavilion, said the new investment will be made in the mobility cluster being set up by the Telangana government.

The company agreed to invest and also be a partner in the Telangana Mobility Cluster. With this investment, the company will set up test tracks as well as other infrastructure required by the automobile ecosystem. Apart from this, other opportunities to work with the Telangana government were also discussed at length.

Rama Rao said that Hyundai’s investment in the mobility segment in Telangana would strengthen the sector. For the first time in the country, the Telangana government was setting up a special Mobility Cluster, the Minister said, and thanked Hyundai for coming forward to be a partner in this initiative.

He assured of State’s support to Hyundai, which has come forward to invest Rs 1,400 crore in Telangana. He hoped that with the arrival of Hyundai, more investments will come to Telangana in the field of mobility.

 

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