Sriperembudur: Korean car major Hyundai Motor Co today said it will invest one billion dollars in India by 2013,strengthening its bid to make the country a global small car manufacturing hub.

The company today commissioned its second plant in India set up with a total investment of $528 million (Rs 2,429 crore). It is also investing $263 million on a new engine and transmission plant with a capacity of 3 lakh units a year, besides investing $40 million on a research and development centre at Hyderabad.

"Our new plant will be the platform for future growth. I am sure Hyundai Motor India will play its role perfectly as a global manufacturing gun for all of Hyundai's small models," Hyundai Motor Co Chairman and CEO Moong-Koo Chung said.

Asked about the details of the USD 1 billion investment, Hyundai Motor India President Ashok Jha said most of it has already gone into the second plant and remaining would be invested on it, which will mark the next phase of expansion till 2013.

With the new plant, the company s total production capacity in India will double to six lakh units per annum. It will have a capacity of three lakh units and will be utilised mainly for production of its new hatchback i10 .

Jha said the company is targeting to produce 5.3 lakh units this year and by next year it will touch 6-6.3 lakh units.

"With exports being a main focus we expect 50 per cent of our total production to be used for overseas markets," he added.

Source : PTI