Korean giant Hyundai to drive in Rs. 1400 crore investment in Telangana.

In a move that could provide a major leg up to Telangana’s mobility sector, South Korean auto giant Hyundai is planning to drive in an investment of Rs. 1,400 crore in setting up proving grounds or test tracks in the proposed Telangana Mobility Valley.

According to the Telangana government, Hyundai will be a key stakeholder and consortium partner in the first-of-its-kind TMV project created by the Telangana government.

The big-ticket announcement was made during a meeting of Telangana industries minister KT Rama Rao with Hyundai president & chief innovation officer Youngcho Chi at the Telangana pavilion at the World Economic Forum (WEF) in Davos. The two also discussed various other collaboration opportunities during the meeting.

Pointing out that Telangana is the first state to drive in the concept of a mobility valley, KTR said Hyundai’s presence will go a long way in strengthening the state’s mobility sector.

“It is our government’s endeavour to develop Telangana state into an automotive powerhouse,” said KTR, who assured the Hyundai leadership team of complete support from the state government in setting up their proving grounds.

TOI