Hyundai Motor India Limited (HMIL), India’s first smart mobility solutions provider and the largest exporter since inception, today signed a ‘Term Sheet’ for the potential acquisition of identified assets related to General Motors India, Talegaon Plant, Maharashtra.
The Term Sheet covers the proposed acquisition of (i) Land & Buildings and (ii) Certain machinery and equipment for manufacturing situated 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.
This will create new job opportunities in the region. Additionally, it will contribute to the growth of the Indian automotive industry.
Hyundai Motor India Limited (HMIL) is a wholly-owned subsidiary of Hyundai Motor Company (HMC). HMIL is India’s first smart mobility solutions provider and the number one car exporter since its inception in India.
HMIL’s fully integrated state-of-the-art manufacturing plant near Chennai boasts advanced production, quality, and testing capabilities.
HMIL forms a critical part of HMC’s global export hub. It currently exports to around 85 countries across Africa, the Middle East, Latin America, Australia, and Asia Pacific. To support its growth and expansion plans, HMIL currently has 583 dealers and more than 1492 service points across India.
In its commitment to providing customers with cutting-edge global technology, Hyundai has a modern multi-million-dollar R&D facility in Hyderabad. The R&D centre’s endeavour is to be a centre of excellence in automobile engineering.
