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Hyundai Motor Co. revealed on Monday, March 13 that it is in the process of acquiring General Motors’ production plant in India. The Indian unit of the South Korean carmaker was said to have signed a term sheet with the American automotive manufacturer for the takeover of its factory in Talegaon, located in Maharashtra.
The acquisition of General Motors’ plant will boost Hyundai Motor’s presence in India. In addition, with another manufacturing facility, Hyundai will also effectively increase its production capacity to 1 million units in the country. This volume will multiply its market share in the no. 3 car market in the world, as per The Korea Economic Daily.
It was stated in the term sheet that the sale of GM’s plant would include the land, buildings, and equipment. The buyout is still subject to regulatory approvals from the related government agencies.
“We inked the deal as it is necessary to increase capacity in the fast-growing Indian market,” an official of Hyundai said in a statement.
At any rate, it was in 2017 when GM ended the sale of its vehicles in India. The plant in Talegaon was opened in 2008 and had an annual production capacity of 130,000 vehicle units and 160,000 engines.
Until the last part of 2020, the facility was still producing models for export. Hyundai Motor has been operating two factories in the region, and they have a combined production capacity of 760,000 per year, and 150,000 units are being exported.
Korea Joongang Daily reported that although Hyundai Motor confirmed its acquisition plans for GM’s plant in India, it did not disclose the financial terms of the deal. Meanwhile, after the deal is closed, the Korean automaker is hoping to sell 595,000 units in the second most populous country in the world and increase its sales by 7.2%.
Photo by: Stephen Kidd/Unsplash
