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regular-article-logo Monday, 17 June 2024

Hyundai seals buyout of General Motors' manufacturing plant in Maharashtra's Talegaon

The company also announced that it will invest Rs 6,000 crore in Maharashtra as part of an agreement inked between the company and the state government in Davos

Our Special Correspondent New Delhi Published 20.01.24, 08:20 AM
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Hyundai Motor India on Friday said it has completed the acquisition of General Motors India’s manufacturing plant at Talegaon in Maharashtra.

The company also announced that it will invest Rs 6,000 crore in Maharashtra as part of an agreement inked between the company and the state government in Davos.

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The acquisition of the Talegaon facility has been completed after the fulfilment of certain conditions and the receipt of regulatory approvals from government authorities and stakeholders.

“India is a very important market for Hyundai Motor Company, and we are committed to provide benchmark-creating products and technologies to Indian customers,” Hyundai Motor India Ltd (HMIL) managing director and CEO Un Soo Kim said.

As the company looks forward to the next decade of progress, it is critical to augment manufacturing capacity in India, he added.

“The Talegaon manufacturing plant will play the role of a catalyst in achieving HMIL’s 1 million annual production capacity milestone,” Kim said.

“Our manufacturing operations are scheduled to begin in Talegaon, Maharashtra, in the year 2025,” Kim noted.

The Talegaon plant has an existing annual production capacity of 1.3 lakh units.

Hyundai Motor India plans to expand its annual production capacity to achieve its strategic goal in the market.

The company said it intends to make phased investments to upgrade the infrastructure at the plant.

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