Hyundai Motor India has completed acquisition and assignment of identified assets at General Motors India’s Talegaon plant in Maharashtra. The acquisition has been completed post fulfilment of certain conditions and receipt of regulatory approvals from relevant government authorisities and relevant stakeholders.
Hyundai Motor India has signed an MoU with Government of Maharashtra in the presence of Shri Uday Samant, Minister of Industries, Government of Maharashtra and Mr. Un Soo Kim, MD & CEO, Hyundai Motor India in Davos on January 18th, 2024. Hyundai has also announced to invest Rs 6,000 crore in the state of Maharashtra.
This production facility has an existing annual production capacity of 130,000 units. The company aims to expand the annual production capacity of meet its strategic goal in the market. Hyundai aims to start producing vehicles at Talegaon facility from 2025. Hyundai Motor India Limited will make investment in phased manner to upgrade the existing infrastructure and manufacturing equipment at the Talegaon plant.
Commenting on the acquisition Mr. Un Soo Kim, MD & CEO, Hyundai Motor India Ltd. said, “India is a very important market for Hyundai Motor Company, and we are committed to provide benchmark creating products & 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. The acquisition of Talegaon plant reinforces our commitment to ‘Atmanirbhar Bharat’ (Self-Reliant India), by making India a hub for advanced smart mobility solutions, Make-In-India for the world. Our manufacturing operations are scheduled to begin in Talegaon, Maharashtra in year 2025.”
