Company signs MoU with Maharashtra govt.
19 Jan 2024 | 14728 Views | By Autocar Pro News Desk
Hyundai Motor India Ltd. (HMIL) has completed the 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 authorities and relevant stakeholders.
An MoU was signed ...
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Hyundai Motor India Ltd. (HMIL) has completed the 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 authorities and relevant stakeholders.
An MoU was signed between Hyundai Motor India and the Government of Maharashtra in the presence of Uday Samant, Minister of Industries, Government of Maharashtra and Un Soo Kim, MD and CEO, Hyundai Motor India Ltd., in Davos on January 18.
The Company has committed to invest Rs 6,000 crore in Maharashtra.
Un Soo Kim, MD and CEO, Hyundai Motor India Ltd. said, “India is a very important market for Hyundai Motor Company, and we are committed to providing benchmark creating products and technologies to Indian customers."
"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," he added.
Talegaon plant has an existing annual production capacity of 130,000 units. Hyundai Motor India plans to expand its annual production capacity to achieve its strategic goal in the market. HMIL intends to make phased investments to upgrade the existing infrastructure and manufacturing equipment at the Talegaon Plant.
Amid the Bombay High Court’s decision to dismiss writ petitions filed by the General Motors' Employees Union against the closure application of the Talegaon plant, Deputy CM of Maharashtra Devendra Fadnavis last week shared on social media platform X that Hyundai Motor India plans to invest Rs 7000 crore in Talegaon, Pune – indicating that legal battle may not hold back this deal.