Hyundai, a renowned name in the automotive industry, has recently announced its plans for expansion. With its impressive track record as a top-grossing car manufacturer, Hyundai has built a reputation for producing premium cars with top-notch features. As part of its expansion strategy, the company is focused on acquiring the plant and increasing production capacity to reduce waiting periods for customers. The acquisition will assist the brand to meet the growing demand for its cars.
Details of the Acquisition
Hyundai has aimed to expand its business by signing a ‘Term Sheet’ for the potential acquisition of relevant assets related to General Motors India’s Talegaon Plant in Maharashtra. The list of assets includes the land and buildings, as well as specific machinery and equipment that are being used for manufacturing operations.
However, there are certain requirements of approval from government authorities as well as the stakeholders that are yet to be fulfilled.
Once the conditions are fulfilled, both parties will proceed further to sign the Definitive Asset Purchase Agreement.’ This move by Hyundai represents its commitment to growing its presence in the Indian market and providing the utmost satisfaction to the customers.
About Hyundai India
Hyundai Motor India Limited (HMIL) is a leading provider of mobility solutions in India and a wholly-owned subsidiary of Hyundai Motor Company (HMC). With a strong presence in the Indian market, Hyundai has established itself as a leader in car exports in India.
Currently, Hyundai India offers an impressive portfolio of 12 cars like the Grand i10 Nios, Aura, i20, Verna, Creta, Alcazar, etc. each designed with advanced technology and cutting-edge features. The state-of-the-art manufacturing plant near Chennai is fully integrated and equipped with the latest production, quality, and testing capabilities. Hyundai India exports their cars to over 85 countries across the world, including Africa, the Middle East, Latin America, Australia, and Asia Pacific.
To ensure customer satisfaction, HMIL has an extensive network of 1,333 sales points and over 1,494 service points across India. Furthermore, Hyundai’s commitment to providing customers with innovative global technology is reflected in its modern R&D facility in Hyderabad, which strives to be a center of excellence in automobile engineering.