Hyundai Acquires GM's Talegaon Plant, Aims to Make 10 Lakh Cars Annually

Hyundai Motor India Limited (HMIL) has signed an Asset Purchase Agreement (APA) for the acquisition and assignment of identified assets related to General Motors India’s Talegaon Plant in Maharashtra. The APA covers the acquisition and assignment of land and buildings as well as certain machinery and manufacturing equipment situated at GMI’s Talegaon plant. The completion of the acquisition and assignment is subject to fulfilment of certain conditions precedent and receipt of regulatory approvals from relevant government authorities and stakeholders.

Hyundai also stated that manufacturing operations at the Talegaon plant are expected to commence in 2025. The company also hopes to cumulatively achieve a production capacity of 1 million units a year, with both the Sriperumbudur (Chennai) and Talegaon plants. Thanks to the expanded capacity, HMIL will assess plans to launch new electric vehicles in the country. Unsoo Kim, Managing Director and CEO of Hyundai Motor India Ltd., and Asifhusen Khatri, Vice President Manufacturing of General Motors India and General Motors International Operations, participated in the signing ceremony in Gurugram, Haryana.

Announcing the APA signing, Mr. Unsoo Kim, Managing Director and CEO, Hyundai Motor India Ltd. said, "This year is a significant milestone for Hyundai Motor India, as we celebrate 27 years of activity in the market. Demonstrating our dedication to India, earlier this year, HMIL entered into a Memorandum of Understanding (MoU) to invest INR 20,000 crore in Tamil Nadu for expanding capacity and establishing an electric vehicle ecosystem. As we reinforce our commitment to ‘Atmanirbhar Bharat’ (Self-Reliant India), we intend to create an advanced manufacturing center for cars Made-in-India in Talegaon, Maharashtra. Our manufacturing operations are scheduled to begin in Talegaon, Maharashtra, in 2025."

GMI’s Talegaon plant currently has an annual production capacity of 130,000 units. Upon completion of the agreement, HMIL plans to expand the annual production capacity. Hyundai already has enhanced its production capacity from 750,000 units to 820,000 units in the first half of this year. As far as GM's Talegaon plant is concerned, HMIL expects to close the deal by the end of the year.