Korean Auto Firms Pledge ₹1,370 Crore for TN Expansion

South Korean auto component makers Hwashin and Seoyon E-Hwa Summit Automotive India have proposed a combined ₹1,370 crore investment in Tamil Nadu over the next five years to expand their local operations.

Both firms submitted letters of intent (LoIs) to the State Industries Department on November 11, with formal MoUs expected soon. Hwashin plans to invest roughly ₹850 crore into its SIPCOT Irungattukottai facility to boost production capacity, localisation, and R&D. Meanwhile, Seoyon E-Hwa will direct its share toward modernising existing plants, upgrading technology, and entering new business segments, reinforcing both companies' long-term commitment to the state's automotive ecosystem.

News by Rahul Yelligetti.