Hyundai Motor Group Executive Chair Chung Euisun, left, shakes hands with Indian Prime Minister Narendra Modi at the latter's residence in Delhi, Monday (local time). Courtesy of Hyundai Motor Group

Hyundai Motor Group Executive Chair Chung Euisun and Indian Prime Minister Narendra Modi discussed the growth of India's mobility industry and the Korean company's cooperation during their meeting in Delhi on Monday.

Their meeting took place at Modi's residence a day before the initial public offering of Hyundai Motor India Ltd. on the Indian stock market.

During the meeting, Chung noted that Hyundai Motor Group has been operating successfully in India for over 28 years and established itself as the second-largest car manufacturer in India, with the support of the Indian government and the love of the Indian people.

"Since our entry into India, Hyundai Motor has been posing a positive impact on the Indian economy through the development of the automotive industry, job creation and increased exports," Chung said. "We want to be a trusted partner for India's 'Make in India' initiative and the 'Viksit Bharat (Developed India) 2047' vision through continuous investment and growth."

The automotive group said that Chung invited Modi to the ceremony for the completion of Hyundai Motor's third Indian plant in Pune, Maharashtra, which is scheduled for the second half of next year. The plant will begin with the capacity of 170,000 vehicles a year, and Hyundai Motor seeks to increase it to 250,000 by 2028.

"The Pune plant will be a significant hub for Hyundai Motor, and we would like to express our gratitude to the Indian government and the Maharashtra government for their unwavering support," Chung said.

Hyundai Motor made its entry into the Indian market in 1996. The group now has two Hyundai Motor plants in Chennai and a Kia factory in Anantapur.

With the completion of the new plant, the group seeks to secure a capacity of manufacturing 1.5 million vehicles a year.

Currently, Hyundai Motor's Chennai plants have increased their production capacity from 770,000 to 824,000 vehicles following the establishment of a new painting line and additional equipment investments last year.

Kia's Anantapur plant set up a mixed production line for internal combustion engine vehicles and electric vehicles (EVs) within the first half of this year and is prepared to produce 431,000 vehicles annually. Once the Pune plant is completed, the total production capacity will reach 1.5 million vehicles.

Hyundai Motor Group said that Chung promised Modi the continuous release of new EVs in India, the establishment of charging infrastructure there and the production of components customized for local customers.

Additionally, the chairman introduced the company's new businesses related to robotics, urban air mobility, hydrogen and small modular reactors, according to Hyundai Motor Group.

Chung and Modi have met several times in the past. They shared their opinions on the mobility industries of Korea and India during Modi's visit to Seoul in 2015, the Korea-India Business Summit in 2018, the MOVE Mobility Summit in India in 2018 and a 2019 luncheon at Cheong Wa Dae, Korea's former presidential office.