Automotive Manufacturer Company Hyundai Motor India Limited (HMIL) has Acquired General Motors (GM) India’s Talegaon Plant in the State of Maharashtra. The company will invest Rs. 6000 Crore in the state, told by the South Korean Automobile Manufacturer Company about an Agreement signed at the World Economic Forum meet in Davos, Switzerland. However, the company did not disclose about the amount it paid to the American firm for the said plant.
As per information, the Talegaon plant has an existing Annual production capacity of 1,30,000 units. The Company intends to make phased investments for upgrading the existing infrastructure and required manufacturing equipments in the plant.
Hyundai Motor India Limited said in a statement the acquisition was completed after the fulfilment of certain conditions, formalities and receipt of Regulatory approvals from the Government Authorities and Stakeholders.
Hyundai Motor India Limited or HMIL intends to make phased investments for the purpose of upgrading the existing infrastructure and manufacturing equipment at the Talegaon Plant. These investments are aimed at bringing the plant up to Hyundai Global Operating and Manufacturing Standards, ensuring the production of automobiles that exemplify manufacturing excellence, the Company said.
