Hyundai India Names Tarun Garg as New CEO, Unveils ₹45,000 Crore Investment Plan

Hyundai Motor India has named Tarun Garg, its current whole-time director, as the company's new managing director and chief executive officer (CEO), according to a stock exchange disclosure released late Tuesday evening. Garg's appointment takes effect from January 1, 2026. 

“Tarun’s appointment as the first Indian national to lead HMIL is a defining moment in our nearly three-decade history. He is a transformative leader who brings a progressive vision combined with deep understanding of the Indian market. Under his guidance as COO, HMIL achieved record sales for three consecutive years, record-breaking profits and completed India's largest IPO in 2024. I would also like to thank Unsoo for his hard work and dedication in helping lay the foundation for the success HMIL enjoys today. We wish you luck on your next assignment," José Muñoz, President & CEO of HMC, said in a statement.

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The leadership change will see outgoing MD Unsoo Kim return to South Korea, where he will assume a strategic position at the parent company, Hyundai Motor Co. Kim's tenure with the Indian subsidiary concludes on December 31, 2025. 

Garg was initially appointed as the head of sales, service and marketing, where
he took charge of the company’s core customer-facing functions. His exceptional
performance and strategic vision led to his further elevation in year 2023, when he was appointed as the chief operating officer, a role that expanded his responsibilities to oversee the company’s entire operational spectrum.

“Having worked closely with Tarun over the years, I have witnessed firsthand his unwavering commitment and visionary thinking, qualities that have played a pivotal role in shaping and executing the core initiatives driving HMIL’s growth in India. I hold the utmost confidence in Tarun’s exceptional intellect and foresight, and I am confident that under his stewardship, HMIL will continue to ascend to even greater heights," said Unsoo Kim, Managing Director, HMIL.

₹45,000 Crore Infusion Planned

The South Korean automaker's Indian operations have outlined an ambitious investment blueprint of ₹45,000 crore ($5.07 billion) extending through fiscal year 2030, aimed at bolstering manufacturing capacity and strengthening research and development capabilities. Details were mentioned in a corporate presentation circulated on Wednesday.

R&D Takes Lion's Share of Investment

The capital deployment strategy allocates approximately 60 per cent of the total investment toward research and development initiatives. The balance will fund product enhancement programs and manufacturing capacity expansion projects.

The Indian subsidiary has established ambitious financial objectives for the fiscal 2026-2030 period, targeting double-digit earnings before interest, taxes, depreciation, and amortisation (EBITDA) margins ranging between 11 per cent and 14 per cent. Additionally, the company projects achieving a 7 per cent compound annual growth rate (CAGR) in domestic vehicle sales across the next five financial years.