Hyundai Motor India today said it has renewed contract with Chennai Port Trust (CPT) for another 10 years.
Under the new agreement, which will be reviewed in the sixth year, it will export a minimum of 50,000 cars annually from the port, Hyundai Motor India (HMI) said in a statement.
Other terms of the agreement include 20 days of free storage of cars at the port, priority berthing of vessels and exemption from double berthing charges, it added.
The company has inked a Memorandum of Agreement (MoA) with CPT in this regard.
"We decided to renew our contract with Chennai Port trust as the terms and conditions and the facilities offered by them suit our requirements the best, HMI MD & CEO Y K Koo said.
The Indian unit of South Korean giant, which has its manufacturing facility at Chennai, is one of the leading exporters of passenger vehicles from India. It has been utilising the CPT for exports for the last 12 years.
HMI exports to around 88 countries across Africa, Middle East, Latin America, Australia and Asia Pacific.
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