Hyundai has finished purchasing the Talegaon facility; the company plans to invest Rs 6,000 crore in Maharashtra

Hyundai has finished purchasing the Talegaon facility; the company plans to invest Rs 6,000 crore in Maharashtra

Hyundai has finished purchasing the Talegaon facility; the company plans to invest Rs 6,000 crore in Maharashtra

The second-biggest automaker in the nation also said that, in accordance with the Davos agreement, it would spend Rs 6,000 crore in Maharashtra.

The Talegaon, Maharashtra, manufacturing facility of General Motors India has been fully acquired, according to a statement released by Hyundai Motor India on Friday.

The second-biggest automaker in the nation also said that, in accordance with the Davos agreement, it would spend Rs 6,000 crore in Maharashtra.

In a statement, Hyundai Motor India said that the purchase of the Talegaon plant has been finalized after the fulfillment of certain requirements and the acquisition of regulatory permissions from relevant government agencies and stakeholders.

"India is a highly significant market for Hyundai Motor Company whereas we are committed to providing benchmark-setting goods and technology to Indian customers," said An Soo Kim, MD & CEO of Hyundai Motor India Limited (HMIL).

As the corporation prepares for the next ten years of expansion, he said that expanding production capacity in India is crucial.

"The Talegaon manufacturing plant is going to play a catalytic role in achieving HMIL's target of 1 million annually manufactured capacity," Kim said.

He said that by positioning India as a center for cutting-edge smart mobility technologies, the automaker's purchase of the Talegaon facility demonstrates its dedication to building an independent India.

Kim said, "We plan to start manufacturing operations in Talegaon, Maharashtra, in 2025."

The Talegaon factory can now produce 1.3 lakh units annually.

In order to reach its market-oriented strategy objective, Hyundai Motor India intends to increase its yearly manufacturing capacity.

The business said that it plans to upgrade the plant's production equipment and current infrastructure via a series of staggered investments.

At the end of 2017, General Motors ceased automobile sales in India after operating there for more than 20 years.Completed it. T of its international reorganization initiatives.

Previously, General Motors and Great Wall Motors, a Chinese automaker, had an agreement in place for the sale of the Talegaon factory. However, the Chinese automaker's aspirations to join the Indian market caused the agreement to collapse last year.