Hyundai Motors India Completes Acquisition of Identified Assets at General Motors India’s Talegaon Plant

#HyundaiIndia #HyundaiTalegaonPlant #Acquisition

Source: Hyundai

“The Talegaon manufacturing plant will play the role of a catalyst in achieving HMIL’s one million annual production capacity milestone. The acquisition of Talegaon plant reinforces our commitment to ‘Atmanirbhar Bharat’ (Self-Reliant India), by making India a hub for advanced smart mobility solutions, Make-In-India for the world. Our manufacturing operations are scheduled to begin in Talegaon, Maharashtra in the year 2025.” - Un Soo Kim, MD & CEO, Hyundai Motor India Ltd.

Jan 2024 : Hyundai Motor India Ltd. (HMIL) has completed acquisition and assignment of identified assets at General Motors India’s Talegaon Plant in Maharashtra. The acquisition has been completed post fulfilment of certain conditions and receipt of regulatory approvals from relevant government authorities and relevant stakeholders.

An MoU has been signed between Hyundai Motor India and Government of Maharashtra in the presence of Uday Samant, Minister of Industries, Government of Maharashtra and Un Soo Kim, MD & CEO, Hyundai Motor India Ltd., in Davos on 18 January 2024. The Company is committed to invest ₹ 6000 crore in the state of Maharashtra.

Talegaon plant has an existing annual production capacity of 130000 units. Hyundai Motor India plans to expand the annual production capacity to achieve its strategic goal in the market. HMIL 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.