Hyundai acquires Talegaon plant, emphasizing the automaker’s commitment to Atmanirbhar Bharat and establishing India as a hub for advanced smart mobility solutions, as stated by the spokesperson.
On Friday, Hyundai Motor India finalized the acquisition of General Motors India’s manufacturing facility in Talegaon, Maharashtra.
Additionally, the country’s second-largest carmaker revealed plans to invest Rs 6,000 crore in Maharashtra, as outlined in the agreement between the company and the state government in Davos.
Hyundai Motor India has successfully concluded the acquisition of the Talegaon facility, meeting specific conditions and obtaining regulatory approvals from government authorities and stakeholders, as stated in their official announcement.
Emphasizing the significance of the Indian market, Hyundai Motor India Ltd (HMIL) MD & CEO, Un Soo Kim, affirms the company’s commitment to delivering innovative products and cutting-edge technologies to Indian customers.
The completion of this acquisition (Hyundai acquires Talegaon plant) underscores Hyundai’s dedication to providing high-quality offerings in a pivotal market, aligning with its goal to establish a benchmark in product excellence and technological advancements within the Indian automotive landscape.
Looking ahead to the next decade of advancement, the imperative to boost manufacturing capacity in India becomes a focal point, as stated by Kim.
Highlighting the pivotal role, the Talegaon manufacturing plant is set to play in reaching Hyundai Motor India Ltd’s (HMIL) ambitious milestone of achieving a 1 million annual production capacity, Kim underscores its significance as a catalyst.
This move (Hyundai acquires Talegaon plant) not only reinforces the automaker’s dedication to Atmanirbhar Bharat but also positions India as a central hub for cutting-edge smart mobility solutions.
Kim further articulated that the commencement of manufacturing operations in Talegaon, Maharashtra, is slated for the year 2025.
The Talegaon plant, boasting an existing annual production capacity of 1.3 lakh units, stands as a cornerstone in Hyundai Motor India’s strategic pursuit.
The company, with a clear vision, aims to expand its annual production capacity, aligning with its overarching goals in the dynamic Indian market.
This strategic expansion reflects Hyundai’s commitment to contributing significantly to the growth and evolution of India’s automotive landscape, laying the foundation for a transformative era in smart mobility solutions and reinforcing the brand’s position as a key player in the country’s automotive industry.
The company has outlined its plan to make incremental investments aimed at upgrading the current infrastructure and manufacturing equipment at the plant.
General Motors, having operated in India for over two decades, ceased car sales in the country by the end of 2017 as part of its global restructuring initiatives.
Previously, General Motors had entered into an agreement to sell the Talegaon plant to Chinese automaker Great Wall Motors. However, this deal unraveled last year when the Chinese carmaker abandoned its intentions to enter the Indian market, leading to the termination of the agreement.
