Hyundai to launch 2nd plant in TN

Announcing its plan to set up a second plant in Tamil Nadu, a senior Hyundai official on Saturday said India would soon become a global hub of small cars.

During the inaugural function of a showroom, Hyundai's southern region senior general manager, Young Jin Ahn said that the country was witnessing a sort of revolution in the auto industry.

He also said that the new state-of-art plant in Sriperumbudur near Chennai would produce 300,000 units per annum and by the end of 2007, the total production would reach 600,000 per annum. Referring Chennai as 'Detroit of East' due to "large presence of auto giants", he lauded the support extended by the state government to the industry.

Ahn announced that the company would be rolling out its "one millionth" car very soon. He also claimed that Hyundai has received a great response in the United Kingdom, where its products were launched recently.

Do you want to discuss stock tips? Do you know a hot one? Join the Stock Market Investments Discussion Group