Hyundai Motor India shareholders approve appointment of Tarun Garg as MD & CEO

New Delhi: Hyundai Motor India Ltd on Monday said its shareholders have approved the appointment of Tarun Garg as its Managing Director and Chief Executive Officer with effect from January 1, 2026.

The ordinary resolution seeking approval of Garg's appointment was approved by shareholders in a postal ballot through remote e-voting with 99.75 per cent of votes polled in favour, Hyundai Motor India Ltd (HMIL) said in a regulatory filing.

In October this year, HMIL board had approved the elevation of its Chief Operating Officer, Garg as Managing Director and CEO from January 1, 2026, as part of its succession planning.

The move was part of its parent Hyundai Motor Co doubling down on India with investments of Rs 45,000 crore by FY30 and elevating an Indian for the first time to lead its operations in the country to drive its future growth.

Under its plan, Hyundai Motor Co's sales finance arm Hyundai Capital will enter the country by the second quarter of 2026 in a phased manner to help further drive sales, while its luxury brand Genesis will also foray into the market through local assembly by 2027.

HMIL plans 26 product launches by FY30, including seven new nameplates, marking its entry into the MPV and off-road SUV segments and hybrid vehicles as part of the strategy.