The government is re-examining a proposal from Hyundai Global Motors to set up a battery manufacturing facility under India’s production-linked incentive (PLI) scheme, according to a report by business daily Economic Times.
The move comes after Hyundai Motor Co and the Korean automaker’s local subsidiary said they have no links with Hyundai Global Motors. Government officials told ET that a team has been set up to consider the representation made by Hyundai Motors, which has accused Hyundai Global Motors of wrongly using its trademark, trade name and logo.
Also Read: Hyundai Motor says it will build its first South Korean EV factory
This has led to misrepresentation before the authorities in India, according to the report. An official told ET that the matter is under review and that a legal team is being consulted for the case.
Hyundai Motor, along with its subsidiary Hyundai Motor India Ltd (HMIL), has intimated the government that Hyundai Global Motors is not a subsidiary, group company or an affiliate of either of them.
Meanwhile, earlier this month, Hyundai Motor Co said that it would build a dedicated electric vehicle (EV) factory in South Korea that will become its first automobile plant to open in the country in almost three decades.
Production is due to begin by 2025, the company's union said in a statement, relaying a pledge that the company had made in wage negotiations.
In May, Hyundai Motor Group, which houses Hyundai Motor and Kia Corp, said it would invest 63 trillion won ($48.1 billion) in South Korea through to 2025.
Discover the latest Business News, Sensex, and Nifty updates. Obtain Personal Finance insights, tax queries, and expert opinions on Moneycontrol or download the Moneycontrol App to stay updated!
