A new four quadrant Field Orientation-Controlled (FOC) three-phase induction motor drive based on Hysteresis Current Comparison (HCC) has been developed. The direct relationship between current and torque in the Direct-Quadrature ($dq$) reference frames has been exploited to develop an HCC scheme that offers accurate tracking of current and torque based on the pulse width modulation technique. The parameters of the inner HCC and the outer Proportional-Integral (PI) speed controllers have been optimised to obtain effective current and torque tracking. The complete closed loop system being speed-controlled, four quadrant operation has been obtained using step speed input while the suitability of the developed model has been tested under full load stress during steady state. The results obtained satisfy the four quadrant operation requirements of advanced drives where controlled starts and stops are essential in both forward and reverse directions. This is evident in the effectiveness of current and torque tracking and ease of speed transition from motoring to regeneration and vice versa. The developed model finds applications in advanced industrial drives as an energy-efficient and cost-effective alternative to eliminate the effects of supply voltage drops and mechanical load variations.