Hyundai advances expansion with acquisition of assets at General Motors’ Talegaon Plant in Maharashtra, a pivotal move in its growth strategy
This move is a crucial milestone for HMIL, aiming to elevate its total production capacity to an impressive 10,00,000 annual units. The commencement of production at the Talegaon Plant is anticipated in 2025.
Strategic Agreement and Commitment
The Asset Purchase Agreement (APA) encompasses the assignment of land and buildings, coupled with the acquisition of specific assets at General Motors India’s Talegaon Plant.
To solidify this venture, Hyundai Motor India signed a Memorandum of Understanding (MoU) with the Government of Maharashtra. The signing ceremony, held in Davos on January 18th, 2024, featured the presence of Shri Uday Samant, Hon’ble Minister of Industries, Government of Maharashtra, and Mr. Un Soo Kim, MD & CEO of Hyundai Motor India Ltd.
In alignment with its commitment to the state, Hyundai Motor India is poised to invest INR 6,000 crore in Maharashtra, a testament to its dedication to fostering economic growth and job creation in the region.
Vision for the Future
Mr. Un Soo Kim, MD & CEO of Hyundai Motor India Ltd., emphasized the importance of India as a key market for Hyundai Motor Company.
He reiterated the commitment to providing benchmark products and technologies to Indian customers. The Talegaon manufacturing plant is positioned as a catalyst in achieving HMIL’s ambitious goal of reaching 1 million annual production capacity.
Mr. Kim expressed confidence that the acquisition reinforces their dedication to ‘Atmanirbhar Bharat’ (Self-Reliant India), positioning India as a hub for advanced smart mobility solutions with a global impact.
Talegaon Plant Expansion
The Talegaon plant currently boasts an annual production capacity of 130,000 units. Hyundai Motor India envisions expanding this capacity significantly to align with its objectives in the Indian market.
The company plans to make phased investments to upgrade existing infrastructure and manufacturing equipment at the Talegaon Plant.
These investments aim to elevate the plant to Hyundai Global Operating and Manufacturing Standards, ensuring the production of automobiles that exemplify manufacturing excellence.