Hyundai signs pact for acquisition, assignment of identified assets related to General Motors India’s Talegaon Plant
The Hindu
Hyundai Motor India Limited (HMIL) said it has signed an Asset Purchase Agreement (APA) for the acquisition and assignment of identified assets related to General Motors India (GMI)’s Talegaon Plant in Maharashtra.
Hyundai Motor India Limited (HMIL) said it has signed an Asset Purchase Agreement (APA) for the acquisition and assignment of identified assets related to General Motors India (GMI)’s Talegaon Plant in Maharashtra.
Unsoo Kim, Managing Director and CEO of Hyundai Motor India Ltd., and Asifhusen Khatri, Vice-President Manufacturing of General Motors India and General Motors International Operations, participated in the signing ceremony in Gurugram, Haryana.
“The APA covers the acquisition and assignment of land and buildings as well as certain machinery and manufacturing equipment situated at GMI,” the HMIL said in a statement.
“The completion of the acquisition and assignment is subject to fulfilment of certain conditions precedent and receipt of regulatory approvals from relevant government authorities and relevant stakeholders,” the statement added.
Mr. Kim 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 ₹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,” he added.
GMI’s Talegaon plant currently has an annual production capacity of 130,000 units. Upon completion of the agreement, HMIL plans to expand the annual production capacity to achieve its strategic goal in the market.
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