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Hyundai Motor acquires General Motors’ plant in Talegaon, Maharashtra

Friday, 19 Jan 2024
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Hyundai Motor India has successfully acquired General Motors India's plant at Talegaon in Maharashtra as part of its expansion strategy. The asset purchase agreement (APA) includes the assignment of land and buildings and the acquisition of identified assets at the plant.

For the South Korean manufacturer, this move comes as a crucial step as it seeks to enhance its cumulative production capacity to one million annual units. The acquisition was finalised after meeting specific conditions and obtaining regulatory approvals from relevant government authorities and stakeholders.

An MoU was signed between Hyundai Motor India and the Government of Maharashtra, as part of which the original equipment manufacturer (OEM) will be investing Rs 6,000 crore in the state. The commercial production of the plant in Talegaon is anticipated to start in 2025. This acquisition aligns with HMIL's commitment towards 'Atmanirbhar Bharat', making India a hub for advanced smart mobility solutions and global manufacturing.

Currently, the existing plant has an annual production capacity of 1.30 lakh units, which the company intends to expand its capacity to meet its objectives. The company plans phased investments to upgrade the infrastructure and manufacturing equipment at the plant, aligning with its global manufacturing and operating standards.

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