Automobile leader Hyundai will invest Rs 1,400 crore in the upcoming Telangana Mobility Valley, giving a major boost to the mobility sector, the state government announced Thursday. Hyundai will be setting up proving grounds (test tracks) in Telangana Mobility Valley.
Hyundai will be a stakeholder and a consortium partner in the first of its kind New Mobility Valley created by the Telangana government, an official statement said.
A great boost and a big investment for the Telangana Mobility Sector! @Hyundai_Global will be investing ₹ 1,400 Crores in setting up their proving grounds and will be a part of the proposed Telangana Mobility Valley#TelanganaAtDavos #InvestTelangana pic.twitter.com/t5N0fplvLF
— KTR (@KTRTRS) May 26, 2022
The announcement was made during a meeting of Hyundai President and CIO YoungCho Chi with IT and Industries Minister K T Rama Rao at Telangana Pavilion in Davos. Various collaborations were also discussed in the meeting.
Minister Rao stated that the presence of Hyundai will further strengthen the mobility sector in the state. He added that Telangana is the first state to set up a mobility valley and thanked Hyundai for becoming a part of it.
During the meeting, he assured the leadership team of Hyundai of providing complete support from the Telangana government in setting up their proving grounds. “It is our government’s endeavour to develop Telangana state into an automotive powerhouse,” he said.
IT Department Principal Secretary Jayesh Ranjan and Chief Relations Officer Amarnath Reddy were also present at the meeting.