Hyundai Motor India receives FIEO 'Niryat Shree' Award for 2005-06 from President

New Delhi December 16, 2008: Hyundai Motor India Limited (HMIL), India's largest auto exporter and the second largest car manufacturer, was today honoured with the ‘Niryat Shree' Silver Trophy for the year 2005-06 at a function organized by the Federation of Indian Export Organisations (FIEO). The award was conferred for Hyundai's outstanding performance in export in the Engineering and Metallurgical products under the Non-SSI category.

Hon'ble President of India, Smt Pratibha Devi Singh Patil gave away the award at a glittering function to Hyundai Motor India, President, Mr Ashok Jha.

Last year, Hyundai was the proud recipient of the EEPC ‘Top Exporter of the year' award for the year 2005- 06. HMIL, which is the largest passenger car exporter from India accounts for roughly 67% of the car exports from India. HMIL in 1999 started exporting with a batch of 20 cars being exported to neighbouring Nepal. Today it exports to 95 countries across the globe and by next year the exports should reach over 100 countries.

HMIL reached the first milestone of exporting 100,000 cars in four years and ten months in October 2004. In October 2005, it exported its 200,000th car followed by its 300,000th car and 400,000th car in October 2006 and August 2007 respectively. In March 2008, Hyundai crossed the half million mark for exports becoming the first Indian manufacturer to reach this figure in the fastest time.

Speaking on the occasion, Ashok Jha, President, Hyundai Motor India Ltd. said, "We are honoured and delighted to receive this award. We understand the critical role of exports in bridging the country's trade gaps. The honour accentuates our endeavour to be one of the major contributors to India's rapidly growing economy, playing our part in India's growth as a manufacturer as well as an exporter."

Currently, Hyundai Motor India is exporting five of its most popular models, namely, the Santro, i10, i20, Getz and the Accent. HMIL this year will export around 50 per cent of its production to overseas markets namely Europe, Africa, Middle East, Latin America and South East Asia.

Source : Equity Bulls

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