Hyundai Motor India Signs 'Asset Purchase Agreement' for Acquisition of Identified Assets at GM India Talegaon Plant
- The Asset Purchase Agreement covers assignment of land and buildings and acquisition of identified assets at General Motors India's Talegaon Plant
- Manufacturing operations at the plant are planned to commence in 2025, augmenting Hyundai Motor India's manufacturing footprint
- As part of Hyundai's resolute commitment to the Indian automotive industry, with the Sriperumbudur (Chennai) and Talegaon plants, Hyundai Motor India aims to cumulatively achieve a production capacity of 1 million units a year
- Leveraging the expanded capacity, HMIL will review plans to launch additional electric vehicle models into the Indian market, manufactured at its Sriperumbudur plant, thus accelerating India's electrification goals.
SEOUL, South Korea and GURUGRAM, India, Aug. 16, 2023 /PRNewswire/ -- Hyundai Motor India Limited (HMIL), India's first smart mobility solutions provider and the largest exporter since inception, today signed an Asset Purchase Agreement for the acquisition and assignment of identified assets related to General Motors India's Talegaon Plant in Maharashtra.
Unsoo Kim, Managing Director and CEO of Hyundai Motor India Ltd., and Asifhusen Khatri, Vice President Manufacturing of General Motors India and General Motors International Operations, participated in the signing ceremony in Gurugram, Haryana.
The APA covers the acquisition and assignment of land and buildings as well as certain machinery and manufacturing equipment situated at GMI's Talegaon plant. The completion of the acquisition and assignment is subject to fulfilment of certain conditions precedent and receipt of regulatory approvals from relevant government authorities and relevant stakeholders.
Announcing the APA signing, Unsoo Kim, Managing Director and CEO of HMIL said, "This year is a significant milestone for Hyundai Motor India, as we celebrate 27 years of activity in the market. Demonstrating our dedication to India, earlier this year, HMIL entered into a Memorandum of Understanding (MoU) to invest INR 20,000 crore in Tamil Nadu for expanding capacity and establishing an electric vehicle ecosystem. As we reinforce our commitment to 'Atmanirbhar Bharat' (Self-Reliant India), we intend to create an advanced manufacturing center for cars made in India in Talegaon, Maharashtra. Our manufacturing operations are scheduled to begin in Talegaon, Maharashtra, in 2025."
More information about Hyundai Motor and its products can be found at:
https://www.hyundai.com/worldwide/en/ or
https://www.hyundai.com/worldwide/en/company/newsroom.release.all.latest
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