Ulsan (South Korea): Hyundai Motor Group Tuesday expressed its desire to expand its business into sectors like construction and railways in India, where it is currently the largest exporter of cars.
Hyundai Motor Group's Chairman Mong-Koo Chung today met Prime Minister Narendra Modi to exchange ideas on Korea-India auto industry cooperation and mutual development.
"I hope in the future Hyundai Motor Group will be able to continue its cooperation with India in other areas such as construction and railway to play a more meaningful role in Korea-India's mutual economic development," Chung said in a statement.
"Hyundai Motor's Chennai plant is a symbol of Korea-India economic cooperation and I thank the Indian government for its support in Hyundai Motor's growth in the Indian Market," he added.
According to the Hyundai release, during the meeting Modi said: "Hyundai Motor plays a key role in India's auto industry. India will actively seek possible ways to continue its cooperation with Hyundai Motor. I hope Hyundai Motor will become a leading global company through its success in India."
Hyundai Motor currently sells around 4 lakh vehicles annually in India. The company's plant in Chennai has an installed capacity to produce up to 6.5 lakh units operating on three shifts.
Hyundai Motor Group started its railway business in India with Hyundai Rotem securing its first order in 2001. In the construction business alone, the company has successfully secured business in bridges, harbors and power plants.
It is now aiming to expand its business as the Indian government is actively investing in infrastructure projects.