Chennai: South Korean automotive and industrial giant, Hyundai WIA, which specialises in automobile spare parts and industrial forgings, has announced plans to set up two plants in India, with the first one at Sriperumbudur near here. The plants will come up with a combined investment of $10 million.
Headquartered in Changwon, South Korea, Hyundai WIA is a maker of transmissions, drive and steering systems, aircraft parts, machine tools, and robots.
Reports quote Hyundai's president and chief executive officer, HS Lheem, as saying that construction of the company's first plant, with an investment of $4 million, has already begun.
Hyundai WIA is part of Hyundai Motor Group.
Hyundai WIA will initially focus on producing automotive ancillary and fourth-generation constant velocity (CV) joints. It will subsequently diversify into transmissions, casting and forging.
According to Lheem, the company is currently in talks with General Motors India to supply transmissions.