Business

Hyundai Chairman Claims India’s Future Drives Increased Investment Strategy

Hyundai Motor Company has firmly established its commitment to India as a vital market for its future growth, according to Euisin Chung, the executive chair of the company. Speaking at the Hyundai Motor India listing ceremony held in Mumbai on October 22, Chung emphasized the company’s intent to bolster its investments and enhance its research and development (R&D) capabilities within the country.

“As India marches towards the Vikisit Bharat 2024 vision, Hyundai will stand as a trusted partner in it,” Chung declared, reinforcing the company’s strategic alignment with India’s aspirations for economic growth and innovation.

Hyundai’s Journey in India

Reflecting on Hyundai’s long-standing presence in India, Chung recounted the company’s journey, which began in 1992 with the launch of the Santro. Since that pivotal moment, Hyundai has introduced a total of 38 passenger vehicle models to the Indian market and has sold over 12 million vehicles domestically and internationally. This extensive experience underscores Hyundai’s commitment and adaptability in navigating the complexities of the Indian automotive landscape.

A Mixed Reception for Hyundai Motor India IPO

Despite the positive outlook for Hyundai’s future in India, the company faced a challenging debut on the stock exchanges. On October 22, Hyundai Motor India shares listed at a 1.32 percent discount, opening at Rs 1,934 on the National Stock Exchange, below its initial public offer (IPO) price of Rs 1,960. The weak performance came despite a robust subscription rate of 237 percent for the IPO, bolstered primarily by institutional investors, although retail participation lagged behind expectations.

The Hyundai IPO, valued at Rs 27,870 crore, now holds the title for the largest IPO in India, surpassing the previous record set by Life Insurance Corporation of India (LIC), which raised Rs 21,000 crore in its own IPO.

MUST READIPO for Niva Bupa will consist of ₹800 crore in new equity and ₹2,200 crore in shares offered by existing shareholders

Srishti Mukherjee

Recent Posts

Who Is Tanush Kotian? The Rising Star Set To Join Team India For Border-Gavaskar Trophy

Tanush Kotian, a 26-year-old all-rounder from Mumbai, has been selected to join Team India for…

5 mins ago

How Was Shyam Benegal Related To Guru Dutt? Here’s How Iconic Filmmaker Helped Manthan Director By Not Hiring Him

Following the success of Ankur, Benegal directed a series of critically acclaimed films, including Nishant,…

5 mins ago

Ravi Shankar Prasad Slams Congress Over Protests On Ambedkar Remarks

The BJP and Congress have reignited a heated debate over BR Ambedkar's legacy, with both…

6 mins ago

Apple Soon To Launch Smart Doorbell: Know About The Features

Apple smart doorbell will serve as both a door lock and a security camera, using…

10 mins ago

Who Is Anthony Pratt And Why Did He Donate $15 Million To Trump’s Campaign?

Anthony Pratt, the Australian businessman behind Pratt Industries, recently donated over $15 million to President-elect…

13 mins ago

Replay 2024 : 6 Biggest Medical Breakthroughs Of 2024

In 2024, we’ve witnessed some incredible advancements in medicine, from gene editing to stem cell…

22 mins ago