Hyundai Motor India, which is operating in the country for more than 26 years, aims to localise operations and become the most trusted brand in India, says Tarun Garg, Chief Operating Officer (COO) of Hyundai Motor India in an interaction with Fortune India as the auto major gears up to launch its IPO on October 15.

“We believe now is the right time to further Indianise our operations. And the aim is to pursue to become the most trusted brand in India,” says Garg. The IPO aims to engage both local and international investors and elevate global standards in excellence, operations, and governance, he adds.

Replying to a question on why the South Korean auto major has chosen the Indian market for listing, Garg says, “By selecting India for its IPO, Hyundai acknowledges the country's dynamic and expanding auto market.”

“India is one of the most exciting markets in the world, and the auto market is very big and growing very fast as well. We are the second biggest in terms of market share in India. We have got some great success in more than 26 plus years. So it was a very obvious choice to select India as the place to have the IPO,” he explained.

On the demand slowdown and domestic inventory pressure, Hyundai India's COO says, “Despite recent demand fluctuations, the company remains optimistic about the auto industry's growth prospects in India.”

“The auto industry in India is currently growing at a 5% CAGR over the past five or ten years. Post-Covid, growth was higher in 22% and 23%, but this has moderated. In June, July, August and September, sales were relatively slower because of heat and floods. However, October has started on a very positive note, with Navratras, Dashara as well as Dhanteras coming together this month. So, there is absolutely no problem in terms of the mid-term growth scenario for the auto industry in India.”

Hyundai Motor India COO

IPO for second phase of growth in India: Hyundai’s Tarun Garg