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Hyundai Invests $300 Mn In India Manufacturing

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Hyundai Motor Co's Indian unit will invest $300 million in a new engine plant and metal pressing shop, the company said on 1  November, to expand in the country's fast-growing diesel car 
 
segment. Hyundai, India's second-largest carmaker, is running its Indian operations at full capacity and has lost market share over the past year due to a lack of diesel models, which are 
 
popular thanks to government subsidies on the fuel. "This investment will help us meet the growing demand of diesel vehicles in India and reduce the waiting period," Bo Shin Seo, 
 
managing director, Hyundai Motor India, said in a statement.
 
Read: Hyundai Motor: Foot Off The Gas
http://businessworld.in/en/storypage/-/bw/hyundai-motor-foot-off-the-gas/587268.37495/page/0
The South Korean carmaker gave no details of the proposed engine plant's capacity, or when it would start production. Hyundai said it was set to sign a memoradum of understanding 
 
with local authorities on November 5 to make the investment at its sprawling production site in Chennai in south-east India.
 
(Reuters)