South Korean engineering behemoth Hyundai plans to set up an engineering company in India focussed solely on the petroleum sector.

"We will set up an engineering company in India to work on on-shore and off-shore petroleum projects all over the world," President of Hyundai Heavy Industries Co Ltd Daniel C S AHN told newspersons on the sidelines of Korea-India Business Summit organised by CII.

Hyundai, which is working on projects near Mumbai, has already hired 60 Indians.

"We are working on projects around Mumbai and hired local talent for it. The quality of engineers in India is very good and we would utilise it by setting up an engineering company in India," Daniel said.

He said Hyundai will start hiring aggressively for the engineering company next year and its headcount in India could initially touch 200.

"The engineering company in India will work with our similar set-ups in other parts of the world. We will try to expand our global business by establishing engineering company in India," Daniel said.

He did not disclose the investment the company would make in its Indian subsidiary.

"It is not something one-off that we are doing. We will continue to expand in India and investment will keep pace," Daniel said.