New Delhi: Hyundai Motor India on Friday said it has completed the acquisition of General Motors India's manufacturing plant at Talegaon in Maharashtra.
The country's second-largest carmaker 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 at the World Economic Forum 2024 in Davos.
The acquisition of the Talegaon facility has been completed after the fulfilment of certain conditions and the receipt of regulatory approvals from relevant government authorities and relevant stakeholders, Hyundai Motor India said in a statement.
"India is a very important market for Hyundai Motor Company, and we are committed to provide benchmark creating products and technologies to Indian customers," Un Soo Kim, MD & CEO Hyundai Motor India Ltd (HMIL) 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.
He also stated that the acquisition of the Talegaon plant reinforces the automaker's commitment to Atmanirbhar Bharat, by making India a hub for advanced smart mobility solutions.
The manufacturing operations to begin in Talegaon, Maharashtra, in 2025. 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 for the purpose of upgrading the existing infrastructure and manufacturing equipment at the plant.
After more than two decades of operations in India, General Motors stopped selling cars in the country in 2017-end, as part of its global restructuring actions.
General Motors had earlier inked a pact to sell the Talegaon plant to Chinese carmaker Great Wall Motors. However, the agreement fell through last year as the Chinese carmaker called off plans to enter the Indian market.
Published 19 January 2024, 07:55 IST