Hyundai Motors India to be potential new owners of GM's Talegaon plant
Hyundai Motor India Ltd (HMIL) has signed a 'Term Sheet' to explore the possibility of purchasing specific assets from General Motors India's Talegaon Factory in Maharashtra.
The Term Sheet covers the proposed acquisition of (i) Land & Buildings and (ii) Certain machinery and equipment for manufacturing situated at General Motors India, Talegaon Plant. The proposed acquisition is subject to the signing of the 'Definitive Asset Purchase Agreement' and fulfilment of conditions precedent and receipt of regulatory approvals from relevant Government Authorities and all the stakeholders related to the acquisition.
Hyundai Motor India will have a competitive advantage over its rivals thanks to the acquisition of the Talegaon facility. This aids in strengthening its position even more in the Indian market.
Together with numerous best-sellers in the Indian market, Hyundai Motor India also introduced the Kona electric SUV and the Ioniq 5 electric vehicle. The international automaker continues to invest significantly in R&D for green transportation options.
Not just Hyundai was interested in purchasing the GM factory. MG Motor India and Mahindra, among other brands, have shown interest in taking over the production plant. Even Great Wall Motors, who intended to enter the market in the second half of 2020, was considering to buy the Talegaon facility at the beginning of the year.
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