Hyundai Motor’s manufacturing plant in India, on this Feb. 7, 2019 photograph. Courtesy of Hyundai Motor
The Indian subsidiary of Korean automotive large Hyundai Motor is ready to make its inventory market debut this week following a report preliminary public providing (IPO) within the South Asian nation, in response to business officers Monday.
Shares of Hyundai Motor India Ltd. are set to begin buying and selling on the Indian inventory market Tuesday following final week’s $3.3 billion IPO subscription course of.
It marks Hyundai Motor’s first itemizing exterior South Korea and the most important IPO within the historical past of the Indian inventory market, surpassing the earlier report set by the Life Insurance coverage Corp. of India in 2022, which then raised $2.5 billion.
India serves as a key international manufacturing base for the Korean automotive large. Final yr, Hyundai produced 765,000 automobiles in India.
Hyundai Motor India is the second-biggest carmaker in India, following Japan’s Maruti Suzuki.
Business observers are eager on whether or not the corporate can improve its native competitiveness by the itemizing on the Indian inventory market.
The South Korean automotive large has made aggressive investments in India lately.
Final yr, Hyundai acquired Basic Motors’ manufacturing plant in India’s western metropolis of Pune. The corporate is at present upgrading the power with a sensible manufacturing system, aiming to realize a manufacturing capability of over 200,000 models yearly.
As soon as the Pune plant turns into operational within the second half of subsequent yr, Hyundai Motor India could have a mixed annual manufacturing capability of 1 million models when leveraging each the Chennai and Pune vegetation.
Moreover, Hyundai Motor plans to develop the variety of electrical automobile (EV) charging stations in India to 485 by 2030.
Along with affiliate Kia Corp., Hyundai Motor has entered right into a strategic partnership with Indian battery large Exide Power this yr.
Hyundai plans to introduce the Creta EV, which is the electrical model of the corporate’s first India-specific Creta SUV, in 2025. The mannequin would be the first EV produced regionally on the Chennai plant.
The corporate plans to introduce 5 EV fashions within the Indian market by 2030 to fulfill the rising demand for EVs within the nation. (Yonhap)
