Hyundai Motor India Ltd. is setting up a local tooling centre that will aid its supply chain and strengthen manufacturing in the world's third-largest car market, according to an exchange filing on Monday.
The Creta maker aims to invest Rs 694 crore to set up the tooling centre for manufacturing of stamping tools and panel production for vehicles. The company said the move would stabilise its supply chain and strengthen manufacturing at its Chennai plant and upcoming facility in Talegaon near Pune.
The Talegaon plant will go onstream later this year to raise the annual production of India's second largest carmaker to 1.1 million units from 900,000 at present.
The South Korean carmaker is as global as its Indian at the same time and that works to its advantage, according to brokerage Axis Capital. "Hyundai India is a fine mix of the qualities of an MNC (multinational corporation) with the execution abilities of a domestic OEM (original equipment manufacturer)," Axis Capital's Nishit Jalan, Amar Kant Gaur and Pradip Pandey had said in a March 19 note.
On Oct. 22, Hyundai became the first carmaker in more than two decades to drive onto Dalal Street after selling shares in the country's largest-ever IPO.
Shares of Hyundai closed 3.57% higher at Rs 1,758.70 apiece on the BSE, compared to a 1.4% advance in the benchmark Sensex.
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