Hyundai suppliers propose Rs 1,370 crore investment in Tamil Nadu
South Korean auto component manufacturers Hwashin Automotive India and Seoyon E-Hwa Summit Automotive India plan to expand operations over five years.
South Korean auto component manufacturers Hwashin Automotive India and Seoyon E-Hwa Summit Automotive India have proposed investing a total of Rs 1,370 crore in Tamil Nadu over the next five years, according to The Times of India.
The two companies submitted letters of intent to Industries Minister S Keerthana at the state secretariat on Wednesday. This follows social media speculation regarding projects moving from Tamil Nadu to Andhra Pradesh, which the state government dismissed as incorrect.
Hwashin Automotive India, which has been in the state since 2002, intends to spend Rs 850 crore on new project development, localisation, skill development, advanced manufacturing, and R&D. The firm operates at the SIPCOT Industrial Park in Irungattukottai.
Seoyon E-Hwa Summit Automotive India plans to allocate Rs 520 crore toward modernisation, technology development, and new business projects. The supplier maintains operations in the Chengalpattu and Kancheepuram districts.
Minister Keerthana stated on X that the companies have reaffirmed their confidence in the state. She added that the government intends to keep investments coming and welcomes competition.
Separately, Hyundai Motor India Ltd has committed to investing more than Rs 26,000 crore in Tamil Nadu by 2032. The company aims to raise localisation from 82 per cent to 90 per cent in the coming years.