Hyundai Motor Co.’s Indian subsidiary made its debut on the South Asian nation’s stock market Tuesday, marking the South Korean automotive giant’s first overseas listing outside of its home country.

The group held a ceremony to celebrate the listing of Hyundai Motor India Ltd. (HMIL) on the Indian stock market at the National Stock Exchange in Mumbai. The event was attended by Euisun Chung, Hyundai Motor Group executive chair, along with other senior company executives.

HMIL’s stock market debut marks Hyundai Motor Group’s first listing outside South Korea and the largest initial public offering in the history of the Indian stock market, having raised US$3.3 billion during last week’s subscription process.

The previous record was set by the Life Insurance Corp. of India in 2022, which then raised $2.5 billion.

Chung said HMIL has become an integral part of India since its establishment, and that the company has increased investments in India and created over 250,000 jobs knowing that India was critical fo
r the group’s future.

He promised HMIL will adopt the highest governance standards, and make transparent and timely decisions through the board.

The ceremony included local traditional elements, such as an Indian lamp lighting event. Chung himself struck the bell to signify the listing.

On Monday, Chung met with Indian Prime Minister Narendra Modi to discuss cooperation on future mobility with the South Asian nation.

During the meeting held at the prime minister’s residence in Delhi, Chung invited Modi to the opening of Hyundai’s new plant in India’s western city of Pune, which Hyundai is currently upgrading after having purchased it from General Motors last year.

The group said the Pune plant will be a “game changing investment” and expressed gratitude to the government of India for support related to the facility.

It also praised India’s “diverse market and reformist approach” and stressed it attaches “great priority to working closely with India.”

Hyundai pledged its commitment in being a key player
in the government’s Make in India initiative, the country’s policy goal of making India a global manufacturing hub. “Hyundai will stand as a trusted partner in this meaningful journey.”

India serves as a key global production base for the Korean automotive giant. Last year, Hyundai produced 765,000 vehicles in India.

HMIL is the second-biggest carmaker in India, following Japan’s Maruti Suzuki.

Source: Yonhap News Agency