Hyundai to use proceeds from upcoming $3b India IPO for new cars, R&D

Hyundai to use proceeds from upcoming $3b India IPO for new cars, R&D

FILE PHOTO: The logo of Hyundai is pictured at at the 37th Bangkok International Motor Show in Bangkok, Thailand, March 22, 2016. Picture taken March 22, 2016. REUTERS/Chaiwat Subprasom/File Photo

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.