Hyundai India signs 'Term Sheet' with General Motors' to acquire Talegaon plant
Mar 13, 2023
New Delhi [India], March 13 : Hyundai Motor India (HMIL) on Monday said it has signed a 'Term Sheet' for the potential acquisition of identified assets related to General Motors India's Talegaon Plant in Maharashtra.
A term sheet is typically an agreement, largely nonbinding in nature, outlining the basic terms and conditions under which an investment will be made.
The 'Term Sheet' covers the proposed acquisition of land and buildings, and certain machinery and equipment for manufacturing situated at Talegaon Plant.
The automaker, in a release, said the proposed acquisition is subject to the signing of the agreement and fulfillment of conditions precedent and receipt of regulatory approvals from relevant government authorities and stakeholders.
Hyundai Motor India Limited (HMIL) is a wholly-owned subsidiary of Hyundai Motor Company (HMC).
It currently has 12 car models across segments GRAND i10 NIOS, All New i20, i20 N Line, AURA, VENUE, VENUE N Line, Spirited New VERNA, All New CRETA, ALCAZAR, New TUCSON, KONA Electric and All Electric SUV IONIQ 5.
It currently exports to around 85 countries across Africa, the Middle East, Latin America, Australia, and Asia Pacific.
To support its growth and expansion plans, HMIL currently has 1,333 sales points and more than 1,494 service points across India. In its commitment to providing customers with cutting-edge global technology, Hyundai has a modern multi-million-dollar R&D facility in Hyderabad. The R&D centre's endeavour is to be a centre of excellence in automobile engineering.
Meanwhile, Hyundai Motor India registered cumulative sales of 57,851 units during the month of February 2023.
Domestic sales were 47,001 units and export sales were 10,850 units during the month.
"Moreover, Hyundai CRETA building on its strong legacy has set a benchmark registering sales of 8.3 lakh units since inception. The overall sales numbers are showing a positive trend across segments and we are delighted to witness the trust of our beloved customers for Hyundai cars in India," Tarun Garg, chief operating officer, Hyundai Motor India, earlier said.
