Get All Access for $5/mo

Hyundai Motor To Acquire General Motor's Talegaon Plant With the Sriperumbudur (Chennai) and Talegaon plants, the company aims to cumulatively achieve a production capacity of 10 lakh units a year, an official statement said

By Teena Jose

Opinions expressed by Entrepreneur contributors are their own.

You're reading Entrepreneur India, an international franchise of Entrepreneur Media.

Freepik

Hyundai Motor India has signed an agreement to acquire the assets related to the U.S.-based General Motors (GMI's) Talegaon Plant in Maharashtra, according to an official statement.

The company, which had in March this year inked a term sheet to potentially acquire land, buildings and certain manufacturing equipment at General Motors India's (GMI) Talegaon manufacturing plant, said it plans to commence manufacturing operations at the unit in 2025.

"As we reinforce our commitment to 'Atmanirbhar Bharat', we intend to create an advanced manufacturing center for Made-in-India cars in Talegaon, Maharashtra. Our manufacturing operations are scheduled to begin in Talegaon, Maharashtra, in 2025," Hyundai Motor India Ltd (HMIL) Managing Director and CEO Unsoo Kim said in the statement.

Earlier this year, he said HMIL had entered into a Memorandum of Understanding (MoU) to invest INR 20,000 crore in Tamil Nadu for expanding capacity and establishing an electric vehicle ecosystem.

With the Sriperumbudur (Chennai) and Talegaon plants, the company aims to cumulatively achieve a production capacity of 10 lakh units a year, the statement said.

Earlier this year, he said HMIL had entered into a Memorandum of Understanding (MoU) to invest INR 20,000 crore in Tamil Nadu for expanding capacity and establishing an electric vehicle ecosystem.

With the Sriperumbudur (Chennai) and Talegaon plants, the company aims to cumulatively achieve a production capacity of 10 lakh units a year, the statement said.

The completion of the acquisition and assignment of the Talegaon plant is subject to fulfilment of certain conditions precedent and receipt of regulatory approvals from relevant government authorities and relevant stakeholders, it added.

The company said it 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," it said.

(With inputs from PTI)

Teena Jose

News Desk Reporter with Entrepreneur India

Teena is a post graduate in financial journalism. She has an avid interest in content creation, digital media and fashion.
Science & Technology

Why We Shouldn't Fear AI in Education (and How to Use It Effectively)

Facing resistance to new technologies in the educational process is nothing new, and AI is no exception. Yet, this powerful tool is set to overcome these challenges and revolutionize education, preparing students and professionals for a future of unparalleled efficiency and personalized learning.

Growing a Business

How to Determine The Ideal Length of Your Marketing Emails Your Customers Will Actually Read

Wondering how long your marketing emails should be? Here's what consumers say — so you can send them exactly what they like.

Business News

A Former Corporate Lawyer Now Makes Six Figures on YouTube — Here's How She Does It

Here are the secrets to starting and growing a successful YouTube channel, according to a YouTuber with millions of subscribers.

Business News

New Southwest Airlines Major Investor Wants to Force Out CEO, Slams Company's 'Stubborn Unwillingness to Evolve'

Elliot Investment Management announced a $1.9 billion stake in the Dallas-based Southwest Airlines on Monday and is urging shareholders to vote for new leadership.

Business News

Elon Musk Threatens to Ban Employees from Using Apple Products, Says Will Lock Devices in 'Cages'

The Tesla founder sounded off on X following Apple's 2024 Worldwide Developer Conference on Monday.