On Jan 19, Hyundai Motors India announced that it had completed the sale of the General Motors (GM) India plant in Talegaon, Maharashtra. The country's number two carmaker also said it will invest Rs 6,000 crore in Maharashtra as part of an agreement signed between the company and the state government in Davos.
The sale of the Talegaon property has been completed after fulfilling certain conditions and obtaining regulatory approvals from relevant government agencies and stakeholders, Hyundai Motor India said in a story.
"India is a very important market for Hyundai Motor Company, and we are committed to providing benchmark-creating products and technologies to Indian customers," Hyundai Motor India Ltd (HMIL) MD & CEO Un Soo Kim said.
As the company looks forward to the next decade of progress, it is critical to augment manufacturing capacity in India, he added.
"The Talegaon manufacturing plant will play the role of a catalyst in achieving HMIL's 1 million annual production capacity milestone, our manufacturing operations are scheduled to begin in Talegaon, Maharashtra, in the year 2025," Kim noted.
The acquisition of the Talegaon plant reinforces the automaker's commitment to Atmanirbhar Bharat by making India a hub for advanced smart mobility solutions, he stated. The Talegaon plant has an existing annual production capacity of 1.3 lakh units.