Hyundai Motor India has signed an asset purchase agreement to buy and use assets from General Motors India’s Talegaon Plant in Maharashtra.
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.
The APA covers the acquisition and use of land and buildings as well as some machinery and manufacturing equipment in the plant.
Unsoo Kim, managing director and CEO of HMIL said: “We intend to create an advanced manufacturing centre for cars [with] manufacturing operations scheduled to begin in…. 2025.”
The former GM plant supplements the Chennai plant and Hyundai India aims to achieve capacity of 1m units a year.
Additional electric vehicle models for India will be made at Sriperumbudur.