"Hyundai Motor India, Part of India"
Emphasizing Local Business Expansion and Social Contribution
Hyundai Motor India's subsidiary was listed on the Indian stock market on the 22nd (local time). Chung Eui-sun, chairman of the Hyundai Motor Group, personally attended the initial public offering (IPO) ceremony held locally and rang the bell.
This listing is considered the largest in the history of the Indian stock market. The public offering price was set at 1,960 rupees per share (approximately 32,000 KRW), the upper limit of the desired price range. The subscription was 2.39 times the number of shares offered. Based on the offering price, the total amount raised by Hyundai Motor India is about 4.5 trillion KRW. It is the second-largest foreign automobile manufacturer to be listed on the local stock market and the first overseas subsidiary listing for Hyundai Motor.
Jang Jae-hoon, President of Hyundai Motor Company (from left), Chung Eui-sun, Chairman of Hyundai Motor Group, and Ashish Chauhan, Chief Operating Officer of the India Stock Exchange, are ringing the bell to commemorate the listing at the India Stock Exchange in Mumbai, India, on the 22nd (local time). [Photo by Hyundai Motor Group]
The ceremony held at the Mumbai Stock Exchange in India was attended by about 250 people, including Chairman Chung Eui-sun, Hyundai Motor President Jang Jae-hoon, Vice President Kim Eon-su of Hyundai Motor India, Middle East & Africa region, company officials, local exchange representatives, and global media. Chairman Chung said, "Since entering India, Hyundai Motor India has become a part of India," adding, "We knew India was the future, so we continuously increased investments, expanded research and development capabilities, and created more than 250,000 jobs."
He continued, "Going forward, Hyundai Motor India will consistently adopt the highest standards of corporate governance and make prudent and transparent timely decisions through the board of directors." He expressed a commitment to promoting localization based on cooperation and mutual growth while steadily advancing technology development.
The event began with a traditional local candle lighting ceremony to mark the start of the main event. To signify the stock market listing, Chairman Chung personally rang the bell. At the entrance of the venue, Hyundai Motor displayed the Ioniq 5, an exclusive electric vehicle launched locally last year.
Hyundai Motor Group plans to develop the Indian region as a strategic export hub while expanding its business in emerging markets such as the Middle East, Africa, South Asia, and Latin America. The Indian Technology Research Institute in Hyderabad will strengthen its research and development capabilities in cooperation with the Namyang Technology Research Institute in Korea.
The company actively emphasized its status as a local enterprise. Just as Maruti Suzuki, which started as an Indian state-owned automobile company and later formed a joint venture with Japan's Suzuki, was recognized as a local company, Hyundai Motor also plans to approach the market with an aggressive localization strategy. The fact that Hyundai has been operating in India since 1996, engaging in social contribution activities for customers, employees, partners, the environment, and local communities for nearly 30 years, also played a role in this approach.
Last November, the group launched the Hyundai Samarseu (competent, strong) campaign tailored to local circumstances under the group-wide vision of "Progress for Humanity." The campaign aims to raise awareness about disabilities. It supports local disabled athletes, produces disability awareness videos, and improved store accessibility for disabled customers.
Hyundai Motor established the Hyundai Motor India Foundation (HMIF) in 2006 in India to fulfill its social responsibilities. The foundation runs projects that recycle waste into biogas and electricity for donations and has implemented a traffic safety system in its Chennai factory. Additionally, it has developed capacity-building programs to address youth unemployment and operates seven mobile clinics across seven states to improve medical accessibility. A Hyundai Motor official stated, "We will continue social responsibility activities that create positive impacts in India even after the public offering."
Kim Eonsu, Vice President of Hyundai Motor India, Asia-Middle East-Africa Region (from left), Jang Jaehoon, President of Hyundai Motor Company, Ashish Chauhan, Chief Operating Officer of the India Stock Exchange, Chung Euisun, Chairman of Hyundai Motor Group, and Tarun Garg, Chief Operating Officer of Hyundai Motor India Region, are posing for a commemorative photo on the 22nd (local time). [Photo by Hyundai Motor Group]
© The Asia Business Daily(www.asiae.co.kr). All rights reserved.
