Chennai. Hyundai Motor India Ltd. is looking to acquire some assets of General Motors India’s Talegaon plant in Maharashtra to set up a second automobile plant in India. According to Hyundai Motor India, a term sheet has been signed for the potential acquisition of identified assets of the plant such as land and building, certain machinery and equipment located at General Motors India’s plant in Talegaon.
Hyundai Motor India said the proposed acquisition is subject to the signing of a ‘certain asset purchase agreement’ and fulfillment of conditions precedent and obtaining regulatory approvals from the relevant government authorities and all stakeholders related to the acquisition.
Hyundai Motor India has previously announced its plans to venture into electric vehicle manufacturing.
Also another facility out of Tamil Nadu is a kind of risk aversion strategy and also closer to other markets of the country.
Significantly, Ford Motor Company had stopped operations of its Chennai plant sometime back.(IANS)
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