Hyundai to acquire General Motors’ Talegaon plant
Production at General Motors’ Talegaon plant seized back in 2020 after the company decided to pull out of the Indian market.
Hyundai is planning to acquire General Motors’ manufacturing unit located at Talegaon, near Pune.
Hyundai Motor India has signed a ‘Term Sheet’ for the potential acquisition of identified assets related to General Motors India. The company has stated that the ‘Definitive Asset Purchase Agreement’ will be signed after the conditions for the acquisition are fulfilled and following regulatory approvals from relevant Government authorities and stakeholders.
Production at General Motors’ Talegaon plant seized back in 2020 after the company decided to pull out of the Indian market. Since then, the American carmaker has been exploring opportunities for the sale of its assets in the country.
Earlier, GM had signed an agreement with China-based Great Wall Motors for the sale of its Talegaon plant. However, the deal failed to reach fruition.
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