Hyundai Motor Group Chairman Chung Eui-sun is conducting a standing interview at the Indian Stock Exchange in Mumbai, India on the 22nd. Provided by Hyundai Motor Group”/>
“The potential in the Indian market is endless. “Because India’s technological development is rapid, there are many areas in which we can cooperate.”
Hyundai Motor Group Chairman Chung Eui-sun said this on the 22nd (local time) while explaining the background to the listing of Hyundai Motor Company’s Indian subsidiary on the Indian stock market.
On this day, Hyundai Motor Company’s India subsidiary was newly listed on the Indian stock market in the largest volume ever. The public offering price of Hyundai Motor Company India was set at 1,960 rupees (approximately 32,000 won in Korean currency) per share, which is the highest end of the desired public offering price band. As a result of the stock allocation subscription closing, subscriptions were 2.39 times the number of publicly offered shares. Based on the public offering price, the total public offering amount of Hyundai Motor Company India is approximately 4.5 trillion won.
Chairman Chung met with reporters after attending the listing ceremony held at the Indian Stock Exchange in Mumbai, India and said, “It is meaningful because we first came to India in 1996 and started producing and selling at a local factory.”
Chairman Chung added, “As a large member of the Indian market, we feel the importance of what we can do,” and added, “Through the IPO, we have gained a sense of mission to move forward as a company that meets global standards.” .
Chairman Chung said, “The Indian market has a large domestic demand, but also exports a lot, so we can pioneer overseas markets together. Since there are many countries around India and Europe is not far away, we will be able to sufficiently cover that market.” I predicted this.
He also said, “I think there are many areas in which we can cooperate in the future because India’s technology development and IT are developing rapidly.”
Regarding the temporary stagnation in demand for electric vehicles, he said, “There are charging infrastructure issues and battery cost issues, but as time goes by, there are areas where technology can be developed further and costs can be lowered.” “I think this will recover,” he said.
He added, “The Indian government is also emphasizing the importance of electric vehicles and the environment through policy, so if technology and costs are aligned, it is only a matter of time before it quickly changes into an EV (electric vehicle) market.”
In particular, regarding social responsibility, “We are doing a lot of activities in the CSR field, and we have also started a new program called Hyundai Samarth.” He added, “Currently, there are many people in need in India, so we provide mobility and low-income people that can benefit them.” “And we will ensure that many people have the opportunity to experience it.” He continued, “I think it is the mission of the company and us to help them become talented people.”
The funds raised through this Indian IPO will be used for future mobility. Chairman Chung said, “The funds raised will be reinvested in India,” and “I think we will invest a lot in the future in high-tech areas such as electric vehicles, hydrogen fuel cells, and connectivity, and in software.” He also explained, “We will mainly invest in high-tech and vehicle manufacturing that young people want,” and added, “We will also invest in education and technology training that can foster great talent in India.”
Jeong Jin-su, Donga.com reporter [email protected]
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