Hyundai Motor India Ltd (HMIL) has signed a ‘Term Sheet’ for the potential acquisition of identified assets related to General Motors India, Talegaon Plant, Maharashtra.
The Term Sheet covers the proposed acquisition of (i) Land & Buildings and (ii) Certain machinery and equipment for manufacturing situated at General Motors India, Talegaon Plant. The proposed acquisition is subject to the signing of the ‘Definitive Asset Purchase Agreement’ and fulfilment of conditions precedent and receipt of regulatory approvals from relevant government authorities and all the stakeholders related to the acquisition.
HMIL is among India’s first smart mobility solutions providers and among the number one car exporters since its inception in India. It currently has 12 car models across segments. HMIL’s fully integrated manufacturing plant near Chennai boasts advanced production, quality, and testing capabilities.