Hyundai India signs Term Sheet to acquire GM Talegaon plant
Hyundai Motor India inks agreement to acquire GM plant in Talegaon, Maharashtra. The South Korean carmaker has signed the Term Sheet for potential acquisition of General Motors India plant.
The Term Sheet covers the proposed acquisition of ‘Land & Buildings’ and ‘Certain machinery and equipment’ for manufacturing situated at General Motors India, Talegaon Plant.
The proposed acquisition is subject to the signing of the ‘Definitive Asset Purchase Agreement’ and fulfilment of conditions precedent and receipt of regulatory approvals from relevant government authorities and all the stakeholders related to the acquisition.
The plant has an annual production capacity of 1.30 lakh vehicles and 1.60 lakh engines. The Acquisition will help Hyundai India to boost their production capacity.
This plant is expected to be used for Hyundai’s exports. The acquisition will cater to the rising demand of domestic and international market.
Hyundai might also consider making their future EVs in the plant as they have committed a huge investment for electric vehicles in the near future.
Tata Motors and Mahindra were also considering to acquire the General Motors Talegaon Plant in Maharashtra.
