- The OEM is investing Rs 20,000 crore in Tamil Nadu for expansion and setting up EV ecosystem
- It is looking to launch new EV models in Indi in the near future
Hyundai Motor India (Hyundai) 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.
The company will be investing Rs 20,000 crore in Tamil Nadu for expanding capacity and establishing an electric vehicle ecosystem. Upon completion of the acquisition, the company will be able to manufacture over a million cars in India. Its current capacity sits at 820,000 units per annum.
Unsoo Kim, Managing Director and CEO, Hyundai, said, “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 INR 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 center for cars Made-in-India in Talegaon, Maharashtra. Our manufacturing operations are scheduled to begin in Talegaon, Maharashtra, in 2025.”
The APA covers the acquisition and assignment of land and buildings as well as certain machinery and manufacturing equipment situated at GMI’s Talegaon plant. 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.
Hyundai sold 552,511 vehicles in India last year, taking a 14.5 percent share, ranking second overall among automobile brands in India. So far, this year in India, it has sold 346,711 vehicles.
