Hyundai Motor India has recently announced the successful conclusion of the acquisition process for General Motors India’s manufacturing facility located in Talegaon, Maharashtra. The completion of this strategic transaction signifies a significant milestone for Hyundai Motor India as it expands its manufacturing capabilities and strengthens its presence in the region.
Hyundai Motor India, a subsidiary of the renowned South Korean automaker Hyundai Motor Company, stands as one of the key players in the Indian automotive landscape. Established in 1996, the company has consistently delivered innovative and high-quality vehicles, earning a strong reputation for reliability and performance.
With a state-of-the-art manufacturing plant in Chennai, Hyundai Motor India produces a diverse range of cars catering to the dynamic preferences of Indian consumers. Committed to sustainability and technological advancements, the company continues to be a driving force in shaping the future of the Indian automotive industry.
The second-largest automotive manufacturer in the country has disclosed its plans to inject Rs 6,000 crore into the state of Maharashtra. This financial commitment stems from a formal agreement signed between the carmaker and the state government during the Davos summit.
The acquisition of the Talegaon facility has now been successfully finalized, following the satisfaction of specific conditions and the securing of regulatory approvals from pertinent government bodies and stakeholders, as highlighted in a statement issued by Hyundai Motor India.
Hyundai Motor Company recognizes the significance of the Indian market and remains focused to deliver pioneering products and technologies to its valued customers in the country, affirmed Un Soo Kim, Managing Director and CEO of Hyundai Motor India Ltd (HMIL).
As the company charts its course for the ensuing decade of advancement, Kim emphasized the pivotal need to enhance manufacturing capabilities within India. The Talegaon manufacturing plant is poised to be a key catalyst in attaining HMIL’s ambitious milestone of achieving an annual production capacity of one million units, he underscored.
The acquisition of the Talegaon facility serves as a robust reaffirmation of Hyundai’s dedication to Atmanirbhar Bharat, epitomizing the company’s aspiration to transform India into a focal point for cutting-edge smart mobility solutions, Kim emphasized further.
Anticipated to commence operations in 2025, the Talegaon plant, located in Maharashtra, currently comes up with an annual production capacity of 1.3 lakh units. Hyundai Motor India envisions a phased investment approach to elevate the existing infrastructure and manufacturing equipment at the plant, propelling its mission to augment annual production capacity and realize strategic objectives in the dynamic Indian market.
This strategic move by Hyundai follows General Motors’ cessation of car sales in India at the close of 2017 after more than two decades of operations. The Talegaon plant, initially earmarked for acquisition by Chinese automaker Great Wall Motors under an agreement with General Motors, encountered a setback last year as the Chinese company abandoned its plans to enter the Indian market, thereby thwarting the acquisition deal.
