Hyundai Motor India (HMIL) on Wednesday signed a purchase agreement with General Motors India (GMI) to acquire “land, buildings, certain machinery, and manufacturing equipment” of the latter’s Talegaon plant in Maharashtra where it aims to start production by 2025.
The South Korean carmaker has not revealed the amount it will pay the American firm to purchase the plant, which has an annual production capacity of 130,000 units.
“Since HMIL already has enhanced its production capacity (at the Sriperumbudur plant in Tamil Nadu) from 750,000 units to 820,000 units in the first half of this year, the capacity augmentation of the GMI plant will lay the foundation for HMIL to produce around 1 million units a year,” said HMIL in a statement.
This story is from the August 17, 2023 edition of Business Standard.
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This story is from the August 17, 2023 edition of Business Standard.
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