Hyundai Takes Over GM's Talegaon Plant: A Step Forward in Automotive Industry Expansion

ByPiyush Gohri|Updated on:13-Mar-2023 04:25 PM

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Updated on:13-Mar-2023 04:25 PM

3,922 Views

Hyundai Motor India signs a non-binding term sheet agreement with General Motors India to acquire identified assets related to the Talegaon Plant in Maharashtra.

After months of speculation, Hyundai Motor India (HMI) has officially signed a non-binding agreement, known as a term sheet, with General Motors India (GMI) to acquire assets related to GMI's Talegaon Plant in Maharashtra.

Hyundai Takes Over GM's Talegaon Plant: A Step Forward in Automotive Industry Expansion

This comes after HMI's attempt to acquire Ford India's plant in Chennai or Gujarat failed due to Tata Motors' agreement to acquire the latter. Meanwhile, GMI had been searching for a buyer since its deal with Chinese carmaker Great Wall Motors fell through in June 2022.

The proposed acquisition is subject to the signing of a Definitive Asset Purchase Agreement, fulfillment of conditions precedent, and regulatory approvals from relevant authorities and stakeholders.

The term sheet covers the potential acquisition of land, buildings, and certain manufacturing machinery and equipment at the Talegaon Plant.

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