General Motors' Talegaon facility is acquired by Hyundai for an expenditure of Rs 6000 crores
On January 18, 2024, in Davos, Diesel and the Maharashtra government signed a memorandum of understanding (MOU) in which the carmaker promised to invest Rs 6000 crore in the state. A Soo Kim, the MD and CEO of the business, stated: "Holden Motor Company is committed to offering Indian customers products and technologies that set new standards." India is a significant market for the corporation.
General Motors' Talegaon facility's specified assets have been fully acquired and assigned by Hyundai Motor India, according to the company's announcement. The carmaker said that, upon fulfilling specific requirements and obtaining regulatory permissions from relevant government bodies and stakeholders, the transaction has been finalised.
Hyundai and the Maharashtra government signed a memorandum of understanding (MOU) in Davos on January 18, 2024, with the automaker committing to invest Rs 6,000 crore in the state.
Commenting on the acquisition, An Soo Kim, MD & CEO, Hyundai Motor India Limited, said- “India is a very important market for Hyundai Motor Company and we are committed to providing benchmark-creating products and technologies to Indian customers. As we look forward to the next decade of progress for Hyundai Motor India, we look forward to We will have to increase our manufacturing capacity."
Hyundai Motor India Limited's MD and CEO, Un Soo Kim, added that the Talegaon manufacturing facility will help HMIL reach the milestone of one million units produced annually.
Our dedication to 'Atmanirbhar Bharat' is strengthened by the acquisition of the Talegaon facility, which positions India as the global centre for Made-in-India, cutting-edge smart transportation solutions. We plan to start our manufacturing operations in Talegaon, Maharashtra, in 2025.
Hyundai intends to increase the Talegaon plant's current production capacity of 130,000 units annually by modernising the manufacturing machinery and infrastructure. According to the firm, the purpose of these expenditures is to upgrade the facility to meet Hyundai's worldwide manufacturing and operational standards.
