HYUNDAI WILL USE $3 BLN RECORD INDIA IPO PROCEEDS FOR NEW CARS, R&D

Hyundai Motor plans to use proceeds from a record $3.3 billion IPO of its Indian unit to enhance its research efforts and develop new cars, aspiring to transform the South Asian country into a manufacturing hub for emerging markets.

Hyundai is due to launch its initial public offering - India's biggest ever - next week. It will set a value of up to $19 billion for its business in India, the world's third-biggest car market, where Hyundai competes with market leader Maruti Suzuki and rivals such as Tata Motors.

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