As per a notice, the transaction pertains to the acquisition of minority equity stake in ANI Technologies and Ola Electric by Hyundai Motor and Kia Motors.
Hyundai's move would follow a trend of foreign automakers boosting ownership in the world's biggest car market since Beijing relaxed rules last year.
Hyundai said in a statement on April 6 that its cooperation with the Chinese tech giant was focused on infotainment.
Elliott Management had called for a hefty special dividend and a board shake-up at Hyundai Motor Group, South Korea's No.2 family-run conglomerate, to address its "poor governance" and "excess cash".
China, the world's biggest car market, suffered its first sales contraction in more than two decades last year due to pressure from a crippling Sino-U.S. trade war and the phasing out of tax cuts on smaller cars.
The transition comes at a difficult time for the group as Hyundai struggles with an extended sales slowdown in the United States and China, a US recall probe, sharp technological change and potential US tariffs.
In a first such move for Korea's biggest automaker, Hyundai and the southwestern city of Gwangju agreed on Tuesday on a preliminary deal to jointly build a new factory which will have an annual capacity of 100,000 mini-SUVs starting in 2021.
Third-quarter net profit came in at 269 billion won ($236.14 million), compared with 852 billion won booked in the same period a year earlier.
"A China recovery will take time. Hyundai needs a survival plan," said one of the people with direct knowledge of Hyundai's China operations, who were not authorised to speak to the media and so declined to be identified.
With its strategic investment in Revv, Hyundai Motor gains its first foothold in the Indian car-sharing market
Hyundai net profit halved to an almost six-year low in January-March, hit by bleak US and China sales.
Other terms of the agreement include 20 days of free storage of cars at the port, priority berthing of vessels and exemption from double berthing charges, it added.
The accident involving the U.S. technology firm's car in Arizona marked the first fatality linked to an autonomous vehicle and a potential blow to the technology expected to transform transportation.
The revamped version of its top-selling SUV in the United States and South Korea is larger and more fuel-efficient than its predecessor, and boasts advanced driver-assist features used in its Genesis premium sedans, a source familiar with the matter told Reuters.
Hyundai, the world's No.5 automaker along with affiliate Kia Motors Corp, reported a net profit of 1.03 trillion won ($971.61 million) for the fourth quarter ended December, in line with the 1.09 trillion won average estimate from 21 analysts polled by Thomson Reuters I/B/E/S.
Grab has expanded to eight Southeast Asian countries and has said it is the biggest operator in the region's third-party taxi hailing and private-vehicle hailing sector.
Hyundai's joint venture with BAIC Motor Corp Ltd suspended output at the car factory on Tuesday after a German supplier refused to provide parts due to delays in payment - its second such incident in recent weeks.
Frayed relations with suppliers to its joint venture with BAIC Motor Corp Ltd have become a fresh headache for the South Korean automaker in China, which has seen sales slump in the wake of diplomatic tensions between the two nations.
The production stoppage, although resolved, adds to investor concerns after the South Korean carmaker posted its smallest quarterly profit in five years amid political headwinds linked to diplomatic tensions between Seoul and Beijing.
The informant, who did not wish to be identified, had also complained against the Director General of Foreign Trade (DGFT), which is an attached office of the commerce and industry ministry.
The automaker and affiliate Kia Motors Corp , which together rank fifth in global vehicle sales, also said they are planning 31 eco-friendly models by 2020, up from a previously flagged 28.
The South Korean firm - which together with affiliate Kia Motors is the world's No.5 automaker together - has been betting on a gradual earnings recovery, but the plan hit a roadblock with China's backlash over Seoul's decision to deploy an anti-missile system showing no signs of abating.
The move marks the first compulsory recall ordered by the transport ministry for Hyundai and Kia, which had resisted an earlier request for a voluntary recall, and gives fresh credence to allegations made by Kim Gwang-ho, a Hyundai engineer with 26 years at the company.
"Tamil Nadu continues to be a favourite destination for investors and committed investments are taking roots within the investment period as per the MoUs," an official release said in response to media reports on investments by auto-majors KIA Motor and Ford outside the state.
South Korea's Hyundai Motor Co and Kia Motors Corp have slashed vehicle production in China, people familiar with the matter told Reuters, amid diplomatic tensions and competition from local brands.