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Auto parts giant Hyundai Wia is setting up a plant in Tamil Nadu for making CV (constant velocity) joints as well as manual transmission parts.
The Hyundai Wia President and Chief Executive Officer, Mr H.S. Lheem, told newspersons on Thursday that the company is also planning to set up another plant either in Tamil Nadu or Andhra Pradesh. He said it has received its first order from General Motors India to supply CV joints and is in talks to supply manual transmission parts as well. CV joints are part of a drive shaft attached to a car's transmission at one end and the wheel at the other.
$5-million investment
For the first plant in Tamil Nadu, Hyundai Wia, which is majority-owned by Hyundai Motor Group, will invest about $5 million and an equal amount in the second plant by the end of the year. The import content for components manufactured in the first plant will be about 90 per cent initially which is expected to be brought down to 40 per cent. It expects to employ about 100 people in the first plant with the capacity to produce 60,000 units of CV joints a year.
In the first phase, the company will manufacture CV units, in the second phase manual transmission parts and in the third phase castings.
Hyundai Wia will also appoint more dealers to market its machine tools across the country, Mr Lheem, who used to head India operations of Hyundai Motors earlier, said.
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