In a significant move, Hyundai Motor India Limited (HMIL) has formally signed an Asset Purchase Agreement (APA) to acquire and take over identified assets associated with General Motors India (GMI)’s Talegaon Plant located in Maharashtra. The signing ceremony took place in Gurugram, Haryana, with key executives at the forefront. Unsoo Kim, MD and CEO of Hyundai Motor India Ltd., participated with Asifhusen Khatri, Vice President Manufacturing of General Motors India and General Motors International Operations, in the signing ceremony.
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Hyundai’s Annual Production Capacity to Hit 1 Million Units
The scope of the Asset Purchase Agreement is all-encompassing, covering land, buildings, machinery, and manufacturing equipment nestled within the premises of GMI’s Talegaon plant. It’s worth noting that the successful conclusion of this acquisition and assignment hinges on meeting certain conditions precedent and obtaining regulatory approvals from pertinent government bodies and stakeholders vested in the matter.
GMI’s Talegaon plant is presently equipped with an annual production capacity of 130,000 units. However, HMIL’s strategic vision entails amplifying this capacity further to actualize its goals in the Indian market. This endeavor aligns seamlessly with the company’s recent achievements, having already expanded its production capacity from 750,000 units to an impressive 820,000 units in the first half of the current year. By integrating the enhanced capacity of the GMI plant, HMIL is poised to soar, with projections hinting at a remarkable output of nearly 1 million units annually. This heightened production capacity serves as a springboard for Hyundai Motor India to make bold strides in the realm of electric vehicles. The company is gearing up to introduce a fleet of additional electric vehicle models into the Indian market, with manufacturing taking place at its state-of-the-art Sriperumbudur plant.
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Talegaon Plant to Commence Production in 2025
This strategic move is primed to accelerate India’s electrification goals and catalyze the nation’s transformation towards sustainable mobility. Looking ahead, HMIL is poised to make phased investments aimed at elevating the existing infrastructure and manufacturing equipment at the Talegaon Plant. These strategic investments are geared towards elevating the plant to meet Hyundai’s stringent Global Operating and Manufacturing Standards, ensuring that each automobile produced resonates with a hallmark of manufacturing excellence.
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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.”
