Hyundai Motor India (HMIL) has signed an Asset Purchase Agreement (APA) for the acquisition and assignment of identified assets related to General Motors India (GMI)’s Talegaon Plant in Maharashtra. This move is likely to give HMIL a major production boost.
The APA covers the acquisition and assignment of land, buildings, certain machinery, and manufacturing equipment situated at GMI’s Talegaon plant. The completion of the acquisition and assignment is subject to the fulfilment of regulatory approvals from government authorities and stakeholders.
HMIL plans to start manufacturing at the plant in 2025. The company aims to achieve a yearly production capacity of 1 million units from its Sriperumbudur (Chennai) and Talegaon plants.
The auto OEM also plans to review its electric vehicle models launch roadmap for the Indian market. The Sriperumbudur plant in Chennai will focus on EV manufacturing.
The Talegaon plant currently has an annual production capacity of 130,000 units, which can be expanded further. Currently, HMIL has an annual production capacity of 820,000 units, which is set to increase after operations commence from 2025.
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(Edited by : Vivek Dubey)
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