Representational picture solely.
| Photo Credit: AP
Hyundai Motor India Limited (HMIL), mentioned on March 13 that it has signed a ‘Term Sheet’ for the potential acquisition of recognized property associated to General Motors India, Talegaon Plant, Maharashtra.
The Term Sheet covers the proposed acquisition of Land & Buildings and Certain equipment and tools for manufacturing located at General Motors India, Talegaon Plant.
“The proposed acquisition is subject to the signing of the ‘Definitive Asset Purchase Agreement’ and fulfillment of conditions precedent and receipt of regulatory approvals from relevant Government Authorities and all the stakeholders related to the acquisition,” the corporate mentioned in a press release.
The Talegaon Plant of GM has been closed down due to lack of demand for its merchandise and the American auto main is locked in a authorized dispute with its staff who need to be a part of the possession change.
Recently China’s Great Wall Motor (GEM) pulled out from its bid to acquire the plant after having waited for over two years to safe obligatory approvals.
