Hyundai, Ceat and PSA Peugeot plan to invest Rs 13,000 cr in Tamil Nadu

hyundai, car, Y K Koo

  Automobile companies are planning to invest around Rs 13,000 crore investment in Tamil Nadu The auto majors include Hyundai, CEAT and PSA Peugeot. The development comes at a time when the state lost some of the big ticket investments, include Kia's, to the neighbouring state of Andhra.

Speaking at the Assembly today, M C Sampath, minister for Industries, said that Hyundai is planning to invest around Rs 5,000 crore on expansion.

While the company officials were not available for comment immediately, the Minister said Kia Motors decided to invest in Andhra Pradesh because they have a global policy, which states Hyundai and Kia will not have a facility in the same state.

According to Tamil Nadu Government Industry Department's policy note, Ceat Tyres is planning to invest around Rs 5,000 crore, in three phases. The new facility is expected to come at Kanchipuram district to manufacture tyres.

PSA Peugeot has shortlisted Hosur and Chennai for its proposed Rs 3,000 crore investment, which is expected to go up to Rs 4,500 crore, shows the document.

The above said investments are expected to create around 4,500 jobs directly and indirectly.

None of these investments have officially announced by the respective companies. Spokesperson of these companies were not available for comment immediately.

Ford alone has said that it would invest around Rs 1,300 crore to set up an R&D product development centre.

Besides the automakers' investments, the Guidance Bureau has said Vedanta Ltd is planning to invest around Rs 3,000 crore to expand its copper smelter facility at Tuticorin, Chinese firm Xuzhou construction manufacturing company is investing around Rs 1m350 crore to set up a facility in Kanchipuram. German-based auto components maker Freudenberg is investing around Rs 150 crore in Vallam.

The musical instruments maker Yamaha Musical Instruments is investing around Rs 500 crore.

To revive its mobile phone and components manufacturing facility, Motorola is investing around Rs 500 crore, ITC is investing around Rs 400 crore at Pudukottai district for food processing.