Chennai: Hyundai Motor India Limited (HMIL), the country’s second largest manufacturer of passenger cars and the number-one exporter since inception, on Thursday renewed its Memorandum of Agreement (MoA) with Chennai Port Trust, for 10 years.
The new agreement has been attractively designed both in terms of commercials and facilities offered to make it a winner for both stake holders.
Under the new agreement which will be reviewed in the 6th year, HMIL will export a minimum of 50,000 cars annually. The terms include 20 days of free storage of cars at the port, priority berthing of vessels and exemption from double berthing charges, says a HMIL release here.
“We decided to renew our contract with Chennai Port trust as the terms & conditions and the facilities offered by them suit our requirements the best”, said Mr. Y.K.Koo, MD& CEO, HMIL. “It is from here that we began our export and have been rated as the top exporter of India for 12 long years”, he added.
Among the many attractions that HMIL finds in the Chennai Port is that the latter is strategically located from HMIL at a distance of just 45 km which helps car carrying trucks and trailers turn around in just six hours at night. Also, parking slots which are allotted to HMIL are in the vicinity of the berths which reduce the travel time while loading the cars and a saving in the money spent.
Besides, the port is equipped with a railway line, should HMI choose to transport cars by rail instead of road.
‘HMIL and ChPT have a long association and we are really happy that they have renewed their contract for another 10 years’, said Mr. Raveendran P, IRTS, Chairman, ChPT. Apart from being one of the most modern ports in India, ChPT offers competitive pricing that helps exporters keep overheads low, which is a definite advantage in the global market. Also, port is committed to a clean environment free from any pollution which is a huge advantage for lifestyle cargo like cars, as there is no fear of contamination.
