In a strategic move, Hyundai Motor India Ltd. (HMIL) has successfully concluded the acquisition of identified assets at General Motors India's Talegaon Plant in Maharashtra. The completion of this acquisition, following regulatory approvals and fulfilment of necessary conditions, marks a significant step for Hyundai's manufacturing expansion in India.
An official Memorandum of Understanding (MoU) was inked between Hyundai Motor India and the Government of Maharashtra during a ceremony attended by Uday Samant, Minister of Industries, Government of Maharashtra and Un Soo Kim, MD & CEO, HMIL, held in Davos on January 18th, 2024. As part of this commitment, the OEM pledges to invest INR 6,000 crore in the State.
Expressing his thoughts on the acquisition, Un Soo Kim stated, 'India is a very important market for Hyundai Motor Company, and we are committed to providing benchmark products and technologies to Indian customers. The Talegaon manufacturing plant will play the role of a catalyst in achieving HMIL’s one million annual production capacity milestone, reinforcing our commitment to 'Atmanirbhar Bharat' and making India a hub for advanced smart mobility solutions. Our manufacturing operations are scheduled to commence in 2025.'
With an existing annual production capacity of 130,000 units, the Talegaon plant will undergo expansions to align with Hyundai Motor India's strategic objectives in the market. Phased investments will be made to upgrade the plant's infrastructure and manufacturing equipment, ensuring compliance with Hyundai Global Operating and Manufacturing Standards, a company release added.
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