Hyundai Motor India Ltd, India’s second-largest carmaker, has signed an agreement with IIT- Madras to establish a dedicated ‘Hydrogen Valley Innovation Hub, with an investment of ₹180 crore.
The objective is to help foster a worldwide Hydrogen Society by making hydrogen readily used for everyone, everything and everywhere, according to a statement.
This facility will act as an incubation cell to develop a framework for the localisation of the hydrogen ecosystem. The initiative is also expected to generate employment and support skill development in the region, it said.
Overall, Hyundai has committed to invest ₹6180 crore in Tamil Nadu. “This is in addition to the ₹20,000 crore investment set aside last year to augment its efforts in electric vehicle manufacturing, charging infrastructure, and skill development,” said Unsoo Kim, MD & CEO, Hyundai Motor India Ltd at the Tamil Nadu Global Investors Meet here.
Over the past 28 years, HMIL has invested more than ₹25,000 crore in its car manufacturing operations, which comprises two factories, in Tamil Nadu.