Hyundai to Set Up Testing Track in Telangana
Hyderabad: The Indian arm of South Korean automotive giant Hyundai Motor Company will establish a mega testing centre in Telangana, which will include a test track and a manufacturing facility to produce cars for tests, including electric vehicles.
The company's announcement came during the meeting of Chief Minister A. Revanth Reddy and IT and industries minister D. Sridhar Babu with senior Hyundai officials in Seoul on Monday.
The Revanth Reddy-led state government delegation reached South Korea to attract investments to boost the state economy after completing their successful US tour on Sunday.
According to a statement from the Chief Minister's Office, the testing facility is expected to attract additional affiliates and suppliers to set up operations nearby, potentially creating significant direct and indirect employment opportunities in the region.
Hyundai Motor India Engineering Pvt Ltd. (HMIE) will also expand its operations by renovating and modernising its existing engineering centre in Hyderabad. This expansion is expected to generate more employment opportunities, not only in India but across the Asia Pacific region.
"India is a very important market, and we are committed to developing benchmark-setting products and technologies for Indian customers," HMIE stated. The company also expressed its gratitude to the Chief Minister for providing the opportunity to develop state-of-the-art testing facilities in Telangana.
Commenting on the development, the Chief Minister said, "The Telangana government has actively been focusing on major investment opportunities by global giants. The state's industry-friendly policies, progressive and futuristic vision in creating world-class infrastructure, and providing a hassle-free permission system have enabled best-in-class companies like HMIE to do business."
Revanth Reddy is also engaged in a series of high-level meetings with CEOs of 25 major textile companies during his visit to South Korea, aiming to attract investments into Telangana's burgeoning textile sector.
In a business roundtable meeting organised by the Korea Federation of Textile Industry (KOFOTI), Revanth Reddy pitched the Kakatiya Mega Textile Park in Warangal as an ideal destination for Korean textile companies to invest.
The park, one of the largest integrated textile parks in India, was highlighted as a prime location for further investment due to its strategic location, world-class infrastructure, and business-friendly policies.
The meeting saw participation from prominent industry leaders, including Kihak Sung, the chairman of Youngone Corporation, and Soyoung Joo, executive vice-chairman of KOFOTI. The Korean delegation responded with enthusiasm to the investment opportunities in the state.
"My colleague D. Sridhar Babu and officials will form a task force to follow up on all the opportunities for quick closures and prompt action on the ground," he said, adding that the positive start to the Korean tour was highly encouraging.
Earlier in the day, Revanth Reddy and his delegation held wide-ranging discussions with the leadership of LS Corp, one of Korea’s largest industrial conglomerates, formerly a part of the LG group. The talks, which included Koo Ja Eun, the chairman of LS Group, covered potential manufacturing investments in Telangana in sectors such as electric cables, gas and energy, and batteries.
"The LS team will visit our state shortly on my invitation. I am very positive we will formally welcome them to Telangana as an investor in the coming days," the Chief Minister stated.