South Korea-based Hyosung TNS, a global leader in self-banking technologies, is considering setting up a greenfield manufacturing facility in Tamil Nadu to produce automated teller machines (ATMs) for domestic and international markets, highlighting India’s growing importance as a manufacturing and export hub for global technology companies.
Industry observers said the proposed investment reflects a broader strategy among multinational firms to leverage India’s cost competitiveness, skilled workforce, localisation advantages and export potential, rather than any absence of ATM manufacturing capabilities in the country.
Investment discussions
The proposed project was disclosed by Tamil Nadu Industries Minister S. Keerthana in a social media post during her visit to South Korea.
“Under the leadership of Tamil Nadu Chief Minister C. Joseph Vijay, the State Government is committed to strengthening the State’s industrial ecosystem and attracting global manufacturing investments,” she said.
During her visit to Seoul, Ms. Keerthana discussed investment opportunities in Tamil Nadu and explored potential collaborations in advanced manufacturing and technology sectors.
“I am delighted that Hyosung TNS is considering the establishment of a greenfield manufacturing facility in Tamil Nadu for the production of ATMs serving both domestic and global markets,” she said.
“We will extend our full support to this initiative and look forward to welcoming Hyosung TNS to Tamil Nadu,” she added.
Strategic rationale
The proposed investment comes at a time when global manufacturers are increasingly adopting a “China-plus-one” strategy and diversifying supply chains across Asia.
A manufacturing base in Tamil Nadu would enable Hyosung TNS to serve India’s large banking sector, meet growing localisation requirements in procurement, and use the State as an export platform for markets in South Asia, the Middle East and Africa.
The investment could also help the company cater to demand for next-generation banking equipment such as cash recycling machines, smart self-service kiosks and digital banking terminals, which are gradually replacing conventional ATMs.
Company profile
Founded in Seoul in 1966, the Hyosung Group is a diversified industrial conglomerate with interests spanning textiles, trading, chemicals, construction and industrial materials.
The group operates in more than 30 countries, employs around 30,000 people worldwide and records annual sales exceeding $11 billion.
Hyosung already has a presence in India across multiple sectors, including man-made fibre textiles, switchgear and transformers.