Hyundai Motor To Acquire General Motor's Talegaon Plant With the Sriperumbudur (Chennai) and Talegaon plants, the company aims to cumulatively achieve a production capacity of 10 lakh units a year, an official statement said
By Teena Jose
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Hyundai Motor India has signed an agreement to acquire the assets related to the U.S.-based General Motors (GMI's) Talegaon Plant in Maharashtra, according to an official statement.
The company, which had in March this year inked a term sheet to potentially acquire land, buildings and certain manufacturing equipment at General Motors India's (GMI) Talegaon manufacturing plant, said it plans to commence manufacturing operations at the unit in 2025.
"As we reinforce our commitment to 'Atmanirbhar Bharat', we intend to create an advanced manufacturing center for Made-in-India cars in Talegaon, Maharashtra. Our manufacturing operations are scheduled to begin in Talegaon, Maharashtra, in 2025," Hyundai Motor India Ltd (HMIL) Managing Director and CEO Unsoo Kim said in the statement.
Earlier this year, he said HMIL had entered into a Memorandum of Understanding (MoU) to invest INR 20,000 crore in Tamil Nadu for expanding capacity and establishing an electric vehicle ecosystem.
With the Sriperumbudur (Chennai) and Talegaon plants, the company aims to cumulatively achieve a production capacity of 10 lakh units a year, the statement said.
Earlier this year, he said HMIL had entered into a Memorandum of Understanding (MoU) to invest INR 20,000 crore in Tamil Nadu for expanding capacity and establishing an electric vehicle ecosystem.
With the Sriperumbudur (Chennai) and Talegaon plants, the company aims to cumulatively achieve a production capacity of 10 lakh units a year, the statement said.
The completion of the acquisition and assignment of the Talegaon plant is subject to fulfilment of certain conditions precedent and receipt of regulatory approvals from relevant government authorities and relevant stakeholders, it added.
The company said it intends to make phased investments for the purpose of upgrading the existing infrastructure and manufacturing equipment at the Talegaon plant.
"These investments are aimed at bringing the plant up to Hyundai global operating and manufacturing standards, ensuring the production of automobiles that exemplify manufacturing excellence," it said.
(With inputs from PTI)
