South Korea’s Hyundai Motor Group on Tuesday said it plans to invest $15.5 billion from 2026 through 2032 in India, a market it considers core to the company’s emerging-market growth and expansion.

“India remains one of Hyundai Motor Group’s most important and strategic markets globally,” Euisun Chung, the executive chair of Hyundai Motor Group, said in a release following his meeting with Indian Prime Minister Narendra Modi.

He added that this investment “reaffirms” the company’s commitment to the Indian market for the next 30 years and beyond.

Over the seven-year plan, Hyundai said it will invest across manufacturing expansion and in developing research and development infrastructure, local supplier cultivation for parts localization, and future technology innovation.

To execute these investments, Hyundai will set up a dedicated investment entity in India, it said in the release.

The Indian car market has been hitting new records every month, driven by strong demand. In August, passenger car sales hit a new monthly record with sales of 439,000 units, over 36% higher year-on-year, as per data from industry body Society of Indian Auto Manufacturers.

Hyundai is the third-largest car company in India and sold 247,980 passenger cars in the country between April and August this year, according to data released last month.