India, March 25 -- South Korean automotive major Hyundai Motor India has outlined a new investment of INR 6.94 billion towards stamping tool and panel production for vehicles.

The passenger vehicle maker aims to strengthen its domestic footprint along with the foundation of manufacturing by establishing the infrastructure of stamping tool.

This the company believes will drive stability in its supply chain as it will be able to have in-house access to stamping tool and the manufacturing of vehicle panels.

Currently, Hyundai Motor India works with over 194 vendors that has enabled it to localise more than 1,238 parts. This has enabled the company to save around USD 672 million in 2019. In fact, the company's newest electric vehicle offe...