Hyundai Motor chief meets Indian PM to discuss future mobility ahead of stock market debut

SEOUL, Oct. 22 (Yonhap) -- The head of Hyundai Motor Group has met with Indian Prime Minister Narendra Modi to discuss cooperation on future mobility with the South Asian nation, according to the group Tuesday, as the local subsidiary was set to debut on the Indian stock market.

According to the group, Euisun Chung, executive chair of the South Korean automotive giant, paid a visit to Modi on Monday at the prime minister's residence in Delhi for discussions related to the future of mobility.

Chung was visiting India to oversee the debut of Hyundai Motor India Ltd. (HMIL) on the Indian stock market set for later in the day following last week's US$3.3 billion initial public offering (IPO) subscription process.

Chung invited Modi to the opening of Hyundai's new plant in India's western city of Pune, which Hyundai is currently upgrading after having purchased it from General Motors last year.

The group said the Pune plant will be a "game changing investment" and expressed gratitude to the government of India for support related to the facility.

It also praised India's "diverse market and reformist approach" and stressed it attaches "great priority to working closely with India."

Hyundai pledged its commitment in being a key player in the government's Make in India initiative, the country's policy goal of making India a global manufacturing hub. "Hyundai will stand as a trusted partner in this meaningful journey."

HMIL's stock market debut marks Hyundai Motor Group's first listing outside South Korea and the largest IPO in the history of the Indian stock market, surpassing the previous record set by the Life Insurance Corp. of India in 2022, which then raised $2.5 billion.

India serves as a key global production base for the Korean automotive giant. Last year, Hyundai produced 765,000 vehicles in India.

HMIL is the second-biggest carmaker in India, following Japan's Maruti Suzuki.

odissy@yna.co.kr
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