Hyundai completes GM’s Talegaon plant acquisition, to invest ₹6,000 crore
- Hyundai and the Government of Maharashtra signed an MoU in Davos on January 18, 2024, with the automaker committing to invest ₹6,000 crore in the state.
Hyundai Motor India has announced that it has completed the acquisition and assignment of identified assets at General Motors’ Talegaon facility. The automaker said it has completed the acquisition post fulfilment of certain conditions, having received regulatory approvals from the government authorities and stakeholders. Hyundai and the Government of Maharashtra also signed an MoU in Davos on January 18, 2024, with the automaker committing to invest ₹6,000 crore in the state.
Commenting on the acquisition 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, we must 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 the 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 the year 2025."
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The Talegaon plant currently has a production capacity of 130,000 units per annum, which Hyundai plans to expand by upgrading the existing infrastructure and manufacturing equipment. The company says these investments are aimed at bringing the facility up to Hyundai’s global operating and manufacturing standards. With its Tamil Nadu facilities running at peak production capacity, the new facility will further increase the brand's manufacturing capacity in India with the automaker’s aim to produce a cumulative one million units per annum from all three plants.
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