Hyundai India To Acquire GM Plant In Maharashtra
Hyundai India signs Term Sheet to reap GM Talegaon plant
Hyundai Motor India inks try-on to reap GM plant in Talegaon, Maharashtra. The South Korean carmaker has signed the Term Sheet for potential vanquishment of General Motors India plant.
The Term Sheet covers the proposed vanquishment of ‘Land & Buildings’ and ‘Certain machinery and equipment’ for manufacturing situated at General Motors India, Talegaon Plant.
The proposed vanquishment is subject to the signing of the ‘Definitive Asset Purchase Agreement’ and fulfilment of conditions precedent and receipt of regulatory approvals from relevant government authorities and all the stakeholders related to the acquisition.
The plant has an yearly production topics of 1.30 lakh vehicles and 1.60 lakh engines. The Vanquishment will help Hyundai India to uplift their production capacity.
This plant is expected to be used for Hyundai’s exports. The vanquishment will cater to the rising demand of domestic and international market.
Hyundai might moreover consider making their future EVs in the plant as they have single-minded a huge investment for electric vehicles in the near future.
Tata Motors and Mahindra were moreover considering to reap the General Motors Talegaon Plant in Maharashtra.
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