On Friday, Hyundai Motor India announced that it has successfully acquired the Talegaon, Maharashtra, manufacturing facility of General Motors India. The second-biggest automaker in the nation also declared that, as part of a deal signed in Davos between the business and the state government, it will invest Rs 6,000 crore in Maharashtra.
Hyundai Motor India said in a statement that the acquisition of the Talegaon facility has been finalized following the satisfaction of specific requirements and the acquisition of regulatory approvals from pertinent government agencies and key stakeholders.
Hyundai Motor India Ltd (HMIL) MD & CEO Un Soo Kim stated, "India is a very important market for Hyundai Motor Company, and we are committed to providing benchmark creating products and technologies to Indian customers."
He continued, "It is imperative to increase manufacturing capacity in India as the company looks forward to the next decade of progress."
"The Talegaon manufacturing plant will play the role of a catalyst in achieving HMIL's 1 million annual production capacity milestone," Kim stated.
According to him, the automaker's acquisition of the Talegaon factory strengthens its commitment to Atmanirbhar Bharat by positioning India as a center for cutting-edge smart mobility solutions.
"Our manufacturing operations are scheduled to begin in Talegaon, Maharashtra, in the year 2025," Kim stated.
The Talegaon factory can currently produce 1.3 lakh units annually. In order to meet its market-oriented strategy objective, Hyundai Motor India intends to increase its yearly production capacity. The business stated that it plans to upgrade the plant's manufacturing equipment and current infrastructure through a series of staggered investments. As part of its global restructuring efforts, General Motors ended car sales in India at the end of 2017 after more than 20 years of existence.
Earlier, General Motors and Great Wall Motors, a Chinese automaker, signed an agreement to sell the Talegaon factory. Nevertheless, the deal collapsed the previous year when the Chinese automaker canceled its intentions to join the Indian market.
