Hyundai Motor Group signed an agreement with IIT
Delhi: Hyundai Motor Group on Tuesday said it has tied up with three IITs to set up a collaborative research system in the field of batteries and electrification, involving an investment of $7 million over five years.The South Korean group, which has a presence in several sectors including mobility, has tied up with IIT Delhi, IIT Bombay and IIT Madras.
Hyundai Motor Group plans to invest about $7 million over five years from 2025 to 2029 to jointly carry out battery and electrification-related research with the IITs. As part of the collaboration, the Hyundai Centre of Excellence (CoE) will be set up within IIT Delhi and will operate through the sponsorship of Hyundai Motor Group, the group said in a statement.
The primary objective of the Hyundai CoE is to play a leading role in driving advancements in batteries and electrification, specifically designed to meet the unique requirements of the Indian market.
“We believe Hyundai COE will create a strong network of talented individuals from India’s academic landscape, which will drive innovation and future growth,” said Naksup Sung, head of Hyundai Motor Group’s Research & Development (R&D) Planning & Coordination Center. The Hyundai COE will not only conduct joint research on academic-industrial collaboration work, but will also facilitate technical and human exchanges between battery and electrification experts from Korea and India, the group said. These partnerships are in line with the group’s efforts to expand its presence in India, the group said. Seoul-headquartered Hyundai Motor Group has presence in various sectors including mobility, steel and construction as well as logistics, finance, IT and services. The development comes soon after the company announced setting up two renewable energy plants at its vehicle manufacturing unit in Tamil Nadu, which is part of the company’s initiative to transition to 100 per cent renewable electricity in manufacturing operations by 2025.
