Hyundai Motor India Ltd (HMIL), which is on course to get listed on the Indian stock exchanges on October 22, has earmarked Rs 32,000 crore for the country between 2023 and 2032 as part of its growth strategy.

The Indian arm of the South Korean carmaker will be making investments towards capacity expansion, product and platform development, and new launches. The company is also gearing up to widen its footprint in the Battery Electric Vehicle (BEV) market.

“We entered into four memoranda of understanding with the Government of Tamil Nadu for our Chennai Manufacturing Plant and offer letters with the Government of Maharashtra for our Talegaon Manufacturing Plant, which is yet to commence operations, all of which involved investment commitments, aggregating to approximately Rs 320,000 million (Rs 32,000 crore),” the company’s Red Herring Prospectus (RHP) said.

Hyundai Motor India Managing Director and Chief Executive Officer Unsoo Kim had earlier revealed that the company will invest Rs 26,000 crore for Chennai Plant and Rs 6,000 crore for the Pune plant which will increase the company's overall capacity from 8,24,000 units per annum to 1.1 million units per annum by 2028. This will support volume growth through meeting current domestic and export demands, he had said.

“Our historical capital expenditures were, and we expect our future capital expenditures to be, primarily for the acquisition of plant, property and equipment and intangible assets in relation to new passenger vehicle model launches. In the three months ended June 30, 2024 and 2023 and in fiscals 2024, 2023 and 2022, our payment for acquisition of property, plant and equipment and intangible assets were Rs 5,590.72 million, Rs 5,355.84 million, Rs 32,462.08 million, Rs 22,609.82 million and Rs 12,649.79 million, respectively,” added the RHP.