Unsoo Kim, MD & CEO, Hyundai Motor India Ltd. File
| Photo Credit: Kamal Narang
Hyundai Motor India Limited (HMIL) mentioned it has signed an Asset Purchase Agreement (APA) for the acquisition and assignment of identified assets related to General Motors India (GMI)’s Talegaon Plant in Maharashtra.
Unsoo Kim, Managing Director and CEO of Hyundai Motor India Ltd., and Asifhusen Khatri, Vice-President Manufacturing of General Motors India and General Motors International Operations, participated within the signing ceremony in Gurugram, Haryana.
“The APA covers the acquisition and assignment of land and buildings as well as certain machinery and manufacturing equipment situated at GMI,” the HMIL mentioned in a press release.
“The completion of the acquisition and assignment is subject to fulfilment of certain conditions precedent and receipt of regulatory approvals from relevant government authorities and relevant stakeholders,” the assertion added.
‘Significant milestone’
Mr. Kim mentioned, “This year is a significant milestone for Hyundai Motor India, as we celebrate 27 years of activity in the market. Demonstrating our dedication to India, earlier this year, HMIL entered into a Memorandum of Understanding (MoU) to invest ₹20,000 crore in Tamil Nadu for expanding capacity and establishing an electric vehicle ecosystem.”
“As we reinforce our commitment to ‘Atmanirbhar Bharat’ [Self-Reliant India], we intend to create an advanced manufacturing centre for cars Made-in-India in Talegaon, Maharashtra. Our manufacturing operations are scheduled to begin in Talegaon, Maharashtra, in 2025,” he added.
GMI’s Talegaon plant at the moment has an annual manufacturing capability of 130,000 items. Upon completion of the settlement, HMIL plans to develop the annual manufacturing capability to obtain its strategic aim available in the market.
Production capability to be enhanced
Since HMIL already has enhanced its manufacturing capability from 750,000 items to 820,000 items within the first half of this 12 months, the capability augmentation of the GMI plant will lay the inspiration for HMIL to produce round 1 million items a 12 months, HMIL mentioned.
HMIL mentioned it was strategically investing in Maharashtra, aligning with Hyundai Motor’s world imaginative and prescient of ‘Progress for Humanity.’
“ By undertaking this strategic initiative, Hyundai Motor aims to make a significant contribution to the overall economic growth of India. This investment demonstrates its strong commitment to driving progress and creating a positive impact on the local community by fostering the development of a robust industrial ecosystem,” the corporate mentioned.
HMIL would make phased investments for the aim of upgrading the present infrastructure and manufacturing tools on the Talegaon Plant.
“These investments are aimed at bringing the plant up to Hyundai Global Operating and Manufacturing Standards, ensuring the production of automobiles that exemplify manufacturing excellence,” the corporate mentioned.
