At the Talegaon Plant in Maharashtra, General Motors India (HMIL) has completed the purchase and assignment of assets. After meeting specific requirements and obtaining regulatory permissions, the acquisition was finalised. The Asset Purchase Agreement covers the sale of specific plant assets as well as the transfer of real estate, including buildings and land. HMIL invested ₹6,000 crore in Maharashtra after signing an agreement with the government.
The company is dedicated to providing benchmark products and technology to Indian customers, according to Un Soo Kim, MD and CEO of Hyundai Motor India Ltd. India is a significant market for the company. The purchase of the Talegaon factory will allow them to increase their manufacturing capacity in India and partially achieve their goal of reaching a one million yearly production capacity.
Hyundai is further demonstrating its dedication to 'Atmanirbhar Bharat' (Self-Reliant India) and positioning India as a centre for cutting-edge smart mobility solutions with this acquisition. In 2025, the Talegaon factory is expected to start manufacturing. In order to reach its market-oriented strategic objectives, Hyundai intends to increase the plant's present 130,000-unit annual manufacturing capacity. In order for the plant's manufacturing machinery and infrastructure to satisfy Hyundai's worldwide operating and manufacturing requirements, the business will gradually add to them.
Hyundai has made a big move with this acquisition, which will help them expand their manufacturing capacity and solidify their position in the Indian market. It also fits with the goal of the Indian government to become a global manufacturing hub and to encourage self-reliance. Hyundai wants to fulfil the rising demand in the Indian market and create cars that are a model of manufacturing excellence. To that end, the company is planning expansion and investment.
(With inputs from agencies)
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