The American company had signed a deal with Great Wall Motors in January 2020 to sell the plant, but the deal fell through last June as the Chinese carmaker did not receive the required approvals from the Indian government in time.
General Motors stopped production at the Talegaon plant in 2020. The plant, established in 2008, has the capacity to produce 1.3 million cars and 1.6 million engines per year.
If Hyundai's agreement with General Motors is approved, the South Korean automaker could potentially increase its production capacity in India by over two-fold.
At present, Hyundai operates two facilities near Chennai, capable of manufacturing approximately 824,000 units annually. These two plants are currently operating at an utilisation rate of around 93 per cent. Hyundai said on Monday: "The term sheet (pact) covers the proposed acquisition of land, buildings, and certain machinery and equipment for manufacturing situated at General Motors India, Talegaon Plant."
This story is from the March 14, 2023 edition of Business Standard.
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This story is from the March 14, 2023 edition of Business Standard.
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