[JS Kwt]

Hyundai makes first move in India's Electric Car battle with Rs 7,000 cr cheque for Tamil Nadu

A memorandum of understanding (MOU) is expected to be signed between the Tamil Nadu government and Hyundai at the Global Investors’ Meet to be held next week.

The investment also includes an exclusive electric vehicle incentive package for the company.

The Tamil Nadu Government's Cabinet of Ministers on Friday approved an investment of Rs 7000 crore by passenger carmaker Hyundai Motors that will allow the company to make its electric car foray into the country by manufacturing units from its Sriperumbudur facility near Chennai, according to two government officials aware of Cabinet developments on Friday.

The official said that the Rs 7,000 crore investment also includes an exclusive electric vehicle incentive package for the company, and that a special incentive package has also been offered to Hyundai.

Source