Hyundai Motor India said on Friday that the acquisition of General Motors India's manufacturing plant at Maharashtra’s Talegaon has been completed. In addition, the car manufacturing firm will also invest Rs 6,000 crore in Maharashtra as a part of an agreement signed between the company and the state government during the World Economic Forum Summit 2024 in Davos.
The acquisition of the Talegaon facility by the country's second-largest carmaker has been completed after fulfilling some specific conditions and receiving regulatory approvals from relevant government authorities and stakeholders, Hyundai Motor India said in a statement.
MD and CEO of Hyundai Motor India Un Soo Kim said that India is a very important market for Hyundai Motor Company, and the firm is committed to providing benchmark creating products and technologies for Indian customers. He also emphasised that as Hyundai Motor looks forward to the next decade of progress, it is critical for the company to augment 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," Kim said.
According to him, the automaker's acquisition of the Talegaon factory strengthens its commitment to ‘Atmanirbhar Bharat’ by positioning India as a hub for advanced smart mobility solutions.
"Our manufacturing operations are scheduled to begin in Talegaon, Maharashtra, in the year 2025," Kim noted.
The existing annual production capacity is 1.3 lakh units of the Talegaon plant and the carmaker is planning to expand its annual production capacity to achieve its strategic goal in the Indian market.
The firm plans to upgrade the plant's manufacturing equipment and current infrastructure through phased investments. In addition, the company said it intends to make phased investments for the purpose of upgrading the existing infrastructure and manufacturing equipment at the plant.
As part of its global restructuring, General Motors ended car sales in India at the end of 2017 after more than 20 years of existence.
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