Hyundai India has announced an Asset Purchase Agreement (APA) for the acquisition and assignment of identified assets related to General Motors’ Talegaon plant in Maharashtra. The agreement covers the acquisition of lands, buildings, machinery, and manufacturing equipment situated at the plant.
Currently, the General Motors’ plant has an annual production capacity of 1,30,00 units. With the acquisition, the South Korean automaker aims to increase its cumulative annual vehicle production capacity in the country to up to 10 lakh units. Further, the brand also said that the operations are planned to commence in 2025.
Commenting on the occasion, Unsoo Kim, Managing Director and CEO, HMIL, said, 'This year is a significant milestone for Hyundai Motor India, as we celebrate 27 years of activity in the market. Demonstrating our dedication to India, earlier this year, HMIL entered into a Memorandum of Understanding (MoU) to invest Rs. 20,000 crore in Tamil Nadu for expanding capacity and establishing an electric vehicle ecosystem. As we reinforce our commitment to ‘Atmanirbhar Bharat’ (Self-Reliant India), we intend to create an advanced manufacturing centre for cars made in India in Talegaon, Maharashtra. Our manufacturing operations are scheduled to begin in Talegaon, Maharashtra, in 2025.'
