Hyundai Motor India Signs 'Asset Purchase Agreement' for Acquisition of Identified Assets at GM India Talegaon Plant
- Hyundai Motor India signs Asset Purchase Agreement for acquisition of identified assets at General Motors India's Talegaon Plant.
- Manufacturing operations at the plant planned to commence in 2025.
- Hyundai aims to achieve a production capacity of 1 million units a year.
- Hyundai will review plans to launch additional electric vehicle models in India.
- None.
- 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.
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,
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
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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SOURCE Hyundai Motor India Limited
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