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HMIL drives in Rs 45,000-cr India plan, names first Indian chief Tarun Garg
- IBJ Bureau
- Oct 16, 2025
South Korea’s Hyundai Motor Company is doubling down on India with investments of Rs 45,000 crore by FY30 and elevating an Indian, Tarun Garg, for the first time to lead its operations in the country to drive its future growth.
Under its 2030 roadmap for India, Hyundai Motor President and CEO Jose Munoz has said that the company’s sales finance arm, Hyundai Capital, will enter the country by Q2 of 2026 in a phased manner to help further drive sales, while its luxury brand Genesis will also foray into the market through local assembly by 2027.
The company’s arm, Hyundai Motor India (HMIL), plans 26 product launches by FY30, including seven new nameplates, marking its entry into multipurpose vehicle (MPV) and off-road sports utility vehicle (SUV) segments and hybrid vehicles.
It will also roll out a locally-designed, developed and manufactured dedicated electric SUV for the Indian market by 2027.
Addressing HMIL’s first-ever investors’ day in Mumbai, Mr Munoz has said that HMIL has set a target of up to 30 per cent export contribution and asserted that India could be one of the most globally-competitive electric vehicle (EV) manufacturing hubs.
HMIL also aims to increase its revenues by 1.5 times and cross the Rs 1-lakh crore milestone by FY30 under its 2030 growth roadmap.
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