.jpg?w=700&c=0 "Tata Harrier EV price, variants, features explained")
Hyundai Motor India Limited is all set to go public, becoming the first automaker in India since Maruti Suzuki in 2003 to do so. The company, which is currently the second largest carmaker in India has filed its draft red herring prospectus (DRHP) to the Securities and Exchange Board of India (SEBI). The Indian arm of the South Korean manufacturer plans to offer over 14 crore shares for sale, each with a face value of Rs 10. This is equivalent to 17.5 per cent of its total value. According to reports, Hyundai aims to raise at least $3 billion (around Rs 25,000 crore) through the IPO. The company will not issue any fresh shares in this offering.
Also Read: Hyundai India To Build Battery Assembly Unit; Increase Production To 8.5 Lakh Vehicles By 2032
The DRHP reads “The objects of the offer are to carry out the Offer for Sale of up to 142,194,700 (over 142 million) Equity Shares of the face value of Rs 10 each by the Promoter Selling Shareholder and to achieve the benefits of listing the Equity Shares on the Stock Exchanges.”
Hyundai completed the acquisition of General Motors (GM) India’s Talegaon plant in January 2024
Hyundai had stated in 2023 that it plans to invest Rs 20,000 crore in the state of Tamil Nadu over the next 10 years. This will be utilised in developing future vehicle platforms, establishing a battery pack assembly unit, as well as ramping up the Korean carmaker’s production capacity. The battery pack assembly unit will have the capacity to churn out 1.78 lakh batteries every year. At the start of the year, the company revealed its plans to invest Rs 180 crore in order to set up a ‘Hydrogen Valley Innovation Hub’ in association with IIT Madras in Tamil Nadu. This year also saw Hyundai complete the acquisition of General Motors (GM) India’s Talegaon plant to strengthen its production capacity in order to meet growing market demand.
Also Read: Hyundai India Acquires GM’s Talegaon Plant; To Invest Rs 6,000 Crore In Maharashtra
Hyundai plans to launch six EVs by 2028
Hyundai has previously said it will launch a total of six battery-powered new vehicles in India by 2028, one of which is already on sale here in the form of the Ioniq 5 crossover. At least two of the remaining five EVs are expected to be based on the Hyundai Group’s dedicated E-GMP architecture, while the other three could be based on a modified version of Hyundai’s ICE vehicle platforms. The company is understood to also be testing an all-electric SUV based on the hugely popular Creta compact SUV, which could be lined up for a launch in the coming years.
Also Read: Hyundai Motor India To Invest Rs 6,180 Crore, Set Up Hydrogen Innovation Hub In Tamil Nadu
On the sales front, Hyundai India registered sales of 63,551 units in May 2024, which includes 49,151 domestic sales and 14,400 exports. The total sales number represents an increase of 6.6 per cent compared to May 2023, and a minor 0.2 per cent decrease over April 2024, when it sold 63,701 units. Additionally, the brand also registered a 31 per cent increase in exports in May 2024 over the same period last year.
