South Korean carmaker Hyundai Motor entered into a binding term sheet agreement with General Motors on March 13, to explore the likelihood of buying GM India's plant in Talegaon, Pune. According to industry sources, the term sheet between Hyundai and GM is likely to be valid for a stipulated time frame as the final sale agreement may be signed only after Hyundai has received all its legal clearances from various authorities including settlement with the retrenched Talegaon Plant workers.In an official reply and confirmation of this report, Hyundai Motor India said it has signed a "Term Sheet' for the potential acquisition of identified assets related to General Motors India, Talegaon Plant, Maharashtra.
The company stated, "The term sheet covers the proposed acquisition of land and buildings and 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 story is from the 15th March 2023 edition of Autocar Professional.
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This story is from the 15th March 2023 edition of Autocar Professional.
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