Hyundai to boost capacity at Chennai
Hyundai Motors India Limited. (HMIL), a subsidiary of South Korean auto giant Hyundai, has announced that it will invest Rupees 1,500 crores in its Chennai manufacturing unit, in a bid to improve the industrialized capability of this facility. The immense capacity growth has been planned-up in the wake of skyrocketing demand for cars in the Indian market. Last month, the company had announced to set-up a diesel engine manufacturing plant in the nation with an annual capability of 1.5 lakh units. In a declaration given to media at that time, Hyundai India president HW Park had said, "This plant should be ready by the 2nd half of 2013 and will churn out 1.1L, 1.4L and 1.6L engines respectively. The diesel market in India is growing quickly and we hope to strap these engines on our various models as production starts," Moreover, the corporation is developing a new 800cc small auto that will be rolled-out in the Indian market anytime around early next year or by the end of this year. The car is expected to be shelved in the price section of sub Rs 2 lakh where it will be taking on with the likes of Tata Nano and Maruti Alto. Hyundai is presently the biggest car exporter and the second leading passenger automobile manufacturer in the Indian market.