Hyundai Motor is one particular move closer to set up its 3rd production facility in India. The Korean car huge is inching nearer to get the now-defunct Talegaon facility owned by US-based Common Motors. India’s second biggest car or truck maker has recently signed a expression sheet with Basic Motors India to obtain the facility which is found close to 160 kms from Mumbai. This will be Hyundai’s third facility in India, other than the two existing plants at at Irungattukottai and Sriperumbudur in Tamil Nadu.
Hyundai Motor has signed a term sheet with Typical Motors which involves obtaining the land, constructing, specific equipments and machinery from the US vehicle big as element of the offer. On the other hand, there is nevertheless one a lot more move to be finished for Hyundai to entirely receive the facility. This involves signing of a further settlement on asset obtain. Immediately after that, the carmaker will demand nods from all stakeholders, such as the concerned govt, ahead of it can commence applying it.
The Talegaon facility has been remaining defunct at any time since Basic Motors determined to give up India business. GM stopped producing cars and trucks in India in 2017 after a undesirable operate in profits for a lot more than a yr. Amid the two services it owned in India, the Talegaon facility was earlier predicted to be acquired by Chinese carmaker Great Wall Motor. Having said that, the Chinese carmaker’s India business failed to take off and the acquisition unsuccessful previous yr. Apart from Good Wall Motor, Tata Motors and Mahindra and Mahindra ended up also in the fray to acquire the facility.
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The Talegaon facility was set up back again in 2008. Till the time the facility produced autos, it experienced a capability of far more than 1.30 lakh models each individual yr. Hyundai is probable to use this facility as it programs to raise its EV presence in India as effectively as upcoming styles. Hyundai presently sells Kona Electrical and Ioniq 5 electrical motor vehicles in India.
Initial Released Date: 13 Mar 2023, 10:05 AM IST