Hyundai Motor India Limited (HMIL) has 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, Hyundai Motor India will export a minimum of 50,000 cars annually. Some of the other terms of the agreement are 20 days of free storage of cars at the port, priority berthing of vessels and exemption from double berthing charges.

"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 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.

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