Hyundai Motor India is set to invest Rs 11,000 crore towards expansion of its Pune facility, company's Managing Director and CEO, Tarun Garg announced on Wednesday.

"We will invest Rs 11,000 crore in phases at this facility. Beyond expanding manufacturing capacity, the facility will drive industrial development, innovation and employment generation in the region," he said at the inauguration of the plant.

Also read: Hyundai Motor to plug $15.5 billion in India's automotive sector

The annual installed capacity of the Pune plant is 170,000 units, which the automaker plans to scale up in phases to 320,000 units by 2030. It also houses a modern engine shop with advanced manufacturing technologies, producing 150,000 engines annually to support vehicle production.

The latest development follows Hyundai's earlier announcement of $15.5 billion commitment towards a seven-year comprehensive investment strategy for India.

"India remains one of Hyundai's most important and strategic markets globally...HMIL’s milestone of 4 million cumulative vehicle exports demonstrates the global competitiveness of Indian manufacturing and highlights India's growing role within Hyundai Motor Group's worldwide operations," Euisun Chung, Executive Chair of Hyundai Motor Group said as the automaker marked cumulative exports of 4 million passenger vehicles from India since 1999.

Combined with Chennai operations, Hyundai India's total manufacturing capacity will reach nearly 1.14 million units annually by 2030.

Earlier on Tuesday, the Korean automaker announced a seven-year investment plan, spanning manufacturing expansion, development of research and development (R&D) infrastructure, local supplier cultivation for parts localization and future technology innovation.

Shres of Hyundai Motor India Limited closed almost flat at Rs 1,967 per scrip on Wednesday.