Hyundai India completes acquisition of GM’s Talegaon plant, to invest Rs6,000 cr
20 Jan 2024
Hyundai Motor India Ltd. (HMIL) has completed acquisition of General Motors India’s Talegaon Plant in Maharashtra, after meeting certain conditions and receipt of regulatory approvals from relevant government authorities and stakeholders. The company has also made assignment of identified assets at the Talegaon plant
Hyundai Motor India also, on Friday, announced the signing of a memorandum of understanding (MoU) with the state government committing investment of Rs6,000 crore in Maharashtra.
The MoU was signed in the presence of state industries minister Uday Samant and Hyundai Motor India MD & CEO, Un Soo Kim, on the sidelines of the World Economic Forum in Davos on 18 January.
“India is a very important market for Hyundai Motor Company, and we are committed to provide benchmark creating products and technologies to Indian customers. As we look forward to the next decade of progress for Hyundai Motor India, it is critical for us to augment our manufacturing capacity in India. The Talegaon manufacturing plant will play the role of a catalyst in achieving HMIL’s 1 million annual production capacity milestone”, Un Soo Kim said.
The Talegaon plant has an existing annual production capacity of 130 000 units. Hyundai Motor India plans to expand the annual production capacity through phased investments for upgrading the existing infrastructure and manufacturing equipment at the 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, he said.
Meanwhile, the Bombay High Court has dismissed writ petitions filed by the General Motors' Employees Union against the closure application of the Talegaon plant.
