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Hyundai’s Euisun Chung meets India's Modi ahead of IPO

Published: 22 Oct. 2024, 11:36 Updated: 22 Oct. 2024, 19:20

SHIN HA-NEE
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Hyundai Motor Group Executive Chair Euisun Chung, left, shakes hands with Indian Prime Minister Narendra Modi in Delhi on Monday ahead of the carmaker’s Indian stock market debut Tuesday. [HYUNDAI MOTOR GROUP]

Hyundai Motor Group Executive Chair Euisun Chung met with Indian Prime Minister Narendra Modi in Delhi on Monday ahead of the carmaker’s debut on the Indian stock market.

During their meeting, which took place at the prime minister’s residence in Delhi, Modi and Chung discussed the possible future collaborations between the Indian government and Hyundai Motor Group as well as future developments in the country’s automotive industry, the third-largest market in the world after China and the United States.

“Hyundai Motor has been making a positive impact on the Indian economy by advancing the country's automotive industry, creating new jobs and driving exports since it first entered the market back in 1996,” Chung said during the meeting.

“We aim to become a trustworthy partner for India's 'Make in India' campaign and its 'Viksit Bharat' [Developed India] vision through continued investments and growth.”

The Hyundai Motor chief expressed gratitude for the Indian government's support and outlined the company's plans for further growth in the country, according to Hyundai Motor.

Hyundai Motor India had sold 602,111 vehicles domestically as of 2023 and currently holds a 14.6 percent market share, making it the second-largest carmaker in the country.

Hyundai Motor India's $3.27 billion initial public offering (IPO) became the country's largest ever on Tuesday. Its stock has been trading weak on the markets since the opening, falling 4 percent from the opening price to 1,881.45 rupees on BSE and 3.9 percent to 1,882.70 rupees on NSE as of 4:15 p.m.

“I have explained the IPO, which I thought he would be curious about, and also told him that [Hyundai Motor] will further expand its investments in the country with resources raised through the IPO,” Chung said in an interview following the start of trading on Tuesday.

The prime minister said that the government would continue to track Hyundai's operations with great interest, according to Chung.

BY SHIN HA-NEE [[email protected]]