Hyundai Motor India Signs MoU with Government of Maharashtra
Hyundai Motor India Ltd. (HMIL) has completed acquisition and assignment of identified assets at General Motors India's Talegaon Plant in Maharashtra. The acquisition has been completed post fulfilment of certain conditions and receipt of regulatory approvals from relevant government authorities and relevant stakeholders. An MoU has been signed between Hyundai Motor India and Government of Maharashtra in the presence of Shri Uday Samant, Hon'ble Minister of Industries, Government of Maharashtra and Mr. Un Soo Kim, MD & CEO, Hyundai Motor India Ltd., in Davos on January 18th, 2024. The Company commits to invest INR 6 000 crore in the state of Maharashtra.
Commenting on the acquisition Mr. Un Soo Kim, MD & CEO, Hyundai Motor India Ltd. said, "India is a very important market for Hyundai Motor Company, and we are committed to provide benchmark creating products & technologies to Indian customers. As we look forward to the next decade of progress for Hyundai Motor India, it is critical for us to augment our manufacturing capacity in India. The Talegaon manufacturing plant will play the role of a catalyst in achieving HMIL's 1 million annual production capacity milestone. The acquisition of Talegaon plant reinforces our commitment to 'Atmanirbhar Bharat' (Self-Reliant India), by making India a hub for advanced smart mobility solutions, Make-In-India for the world. Our manufacturing operations are scheduled to begin in Talegaon, Maharashtra in year 2025."
Talegaon plant has an existing annual production capacity of 130 000 units. Hyundai Motor India plans to expand the annual production capacity to achieve its strategic goal in the market. HMIL intends to make phased investments for the purpose of upgrading the existing infrastructure and manufacturing equipment at the Talegaon Plant. These investments are aimed at bringing the plant up to Hyundai Global Operating and Manufacturing Standards, ensuring the production of automobiles that exemplify manufacturing excellence.