Hyundai Motor plans to invest Rs 7,000 crore in revamping its recently acquired second plant in India. The automotive behemoth successfully acquired the idle factory from General Motors Co., signalling a significant shift in the Indian automotive landscape.
The investment agreement is set to be officially signed during the World Economic Forum's annual meeting in Davos, Switzerland. Devendra Fadnavis, Deputy Chief Minister, confirmed the news, expressing the state's enthusiasm for this economic collaboration.
Hyundai made headlines last year when it purchased the General Motors factory in Talegaon. The facility had been inactive for a long time as a result of the American automaker's struggles to divest it after exiting the Indian market.
"It was a great pleasure to meet Mr. Kim Unsoo, MD and CEO of Hyundai Motor India (HMI) along with Executive Director J.W Ryu and HMI senior officials. They apprised me of Hyundai’s Rs 7,000 crore investment in Pune’s Talegaon. They also sought advice and assistance on various aspects and I assured them on behalf of our government of full support to ensure smooth implementation," Fadnavis said in a post on X (formerly Twitter).
"They (Hyundai) are visiting Davos later next week to sign a MoU (memorandum of understanding) with the Government of Maharashtra. We are absolutely delighted and welcome Hyundai in creating a world class modern automobile manufacturing facility in Maharashtra," he added.