Hyundai ends its takeover of the Talegaon factory
At General Motors India’s Talegaon facility in Maharashtra, Hyundai Motor India (HMIL) has completed the purchase and assignment of certain assets.
The automaker from South Korea pledges to spend Rs 6,000 crore in Maharashtra. “After certain requirements were met and regulatory approvals were obtained from pertinent government agencies and relevant stakeholders, the acquisition was finalized,” HMIL said in a statement.
On January 18, 2024, in Davos, an agreement was signed between Hyundai Motor India and the Government of Maharashtra. Un Soo Kim, the MD & CEO of Hyundai Motor India, and Uday Samant, the Hon’ble Minister of Industries, were present for the signing.
“India is an important market for Hyundai, and we are committed to providing benchmark-creating products & technologies to Indian customers,” said Un Soo Kim, MD & CEO of Hyundai Motor India. We must increase Indian manufacturing capacity if we are to see Hyundai Motor India over the next ten years of growth. The Talegaon factory will be essential in helping HMIL reach its goal of one million units produced annually.
