Hyundai ties up with Laxmi Group to commence Venue production in Nepal

Hyundai Motor India on Monday said it has commenced local assembly of its compact SUV Venue in Nepal in collaboration with Laxmi Group.

The plant, the first automotive assembly facility in Nepal, has an annual installed capacity of 5,000 units.

"Hyundai Venue will be the first locally assembled model to roll off the plant. I would like to convey my sincere congratulations to the people of Nepal for this achievement," Hyundai Motor India MD & CEO Unsoo Kim said in a statement.

The company is grateful to Nepal Prime Minister Pushpa Kamal Dahal and the Government of Nepal for their unwavering support for the facility, he added. "We look forward to more encouraging policies and incentives from the Nepal Government aimed at developing a conducive environment for local assembly," Kim said.

Hyundai has partnered with Nepal-based Laxmi Group for the assembly plant. The Laxmi Group will manufacture and sell the cars in Nepal, in continued collaboration and support on products and technology from HMC Korea and Hyundai Motor India, the automaker stated.

Catch all the updates of the May 13 session on Dalal Street here. For all other news related to business, politics, tech and auto, visit Zeebiz.com.