Hyderabad: In a major boost to the automobile sector in Telangana, Hyundai on Thursday announced that the company will invest Rs 1, 400 crore in the planned Mobility valley.
The automobile company will construct test tracks at the valley. It will also be a stakeholder and consortium partner in the first of its kind valley being developed by the state government. Hyundai President & CIO YoungCho Ch announced the investment during a meeting with Telangana IT and industries minister KT Rama Rao (KTR) at the Telangana pavilion in Davos.
The two leaders also discussed collaboration in a few other areas. The minister said that the investment 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 the Mobility Valley.
The minister assured Hyundai’s leadership team of complete support from the government of Telangana in setting up the proving grounds. “It is our government’s endeavor to develop Telangana state into an automotive powerhouse,” he added.