Hyundai Motor considering buying GM India's Talegaon plant assets
Hyundai Motor India Ltdis considering acquiring land and building and some assets of General Motors India's Talegaon plant in Maharashtra. Hyundai Motor Indiahas earlier announced its plans to get into electric vehicle manufacturing.
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According to Hyundai Motor India, a Term Sheet has been signed for the potential acquisition of identified assets of the plant like land and building, certain machinery and equipment situated at the General Motors India's plant in Talegaon.
The Hyundai Motor India said 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.
The Indian subsidiary of the South Korea's Hyundai Motors has a big manufacturing facility in Irrungattukottai near here.
The Hyundai Motor India has earlier announced its plans to get into electric vehicle manufacturing.
Further another facility outside
It should be noted Ford Motor Company had shuttered its Chennai plant operations sometime back.
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