Hyundai announced Thursday that it will invest Rs 1,400 crore in the planned Mobility Valley in Telangana, giving a major boost to the automotive sector.
The automobile company plans to build test tracks in the valley. In addition, it will be a consortium partner and stakeholder in the first-of-its-kind valley being developed by the state government.
Hyundai President & CIO YoungCho Ch announced the investment at the Telangana pavilion in Davos during a meeting with Telangana IT and industries minister KT Rama Rao (KTR).
In addition to investing, the company agreed to be a partner in the Telangana Mobility Cluster. The company will set up test tracks and other infrastructure necessary for the automobile industry with this investment. Along with this, other opportunities to work with the Telangana government were also discussed.
Hyundai’s investment in Telangana’s mobility market will strengthen the industry, Rama Rao said. The Telangana government is establishing a special Mobility Cluster for the first time, the Minister said, and Hyundai has agreed to be a partner in this initiative.
Assuring Hyundai of the State’s support, Hyundai has committed to invest Rs 1,400 crore in Telangana. He hoped that Hyundai’s arrival would lead to more investments in the field of mobility in Telangana.
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GMM Pfaudler
GMM Pfaudler has also announced plans to expand its glass-lined equipment manufacturing facility in Hyderabad. GMM Pfaudler’s cumulative investment in the new facility will be about USD 10 million (INR 1 crore).
With investments totalling USD 6.3 million in the acquisition of the glass lining equipment manufacturing facility in 2020, GMM Pfaudler has nearly doubled its capacity within two years.
As KTR expressed delight about the company’s expansion, Thomas Kehl, CEO of GMM Pfaudler, said, “Our Hyderabad facility will play an important role in helping us unleash synergies through value sourcing opportunities.”
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