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Hyundai WIA India plans to invest up to $30 million in setting up machine tools division at Sriperumbudur near Chennai.
Young Kim, Head-Machine Tools Division, Hyundai WIA, part of the diversified Hyundai of Korea, said the company plans to complete the heavy machine tools division unit by July. “We may invest $10 million more in the project later to expand the facility and also add more products,” he said. “This is very crucial for our operations in India and will support our internal expansion and also existing manufacturing plants in the country. We plan to repeat the success we achieved in China by setting up such a facility there,” he told Business Line . Young Kim was here as part of the Machine Tools and Engineering Process Conference at Fapcci. The company is seeking to display its precision engineering and tooling capability, which played a crucial role in the growth of the Korean automotive major.
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