Since then, GM has continued to explore the possibility of selling the plant, and now it appears life may finally be returning to the facility. The Term Sheet signed by Hyundai covers the proposed acquisition of land and buildings, as well as machinery and equipment for vehicle production.
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According to an official announcement made by the company, “The proposed acquisition is subject to the signing of the Definitive Asset Purchase Agreement and the fulfillment of the conditions precedent and the receipt of regulatory approvals from the relevant government authorities and all related interested parties. upon acquisition”. .
In January 2020, China’s Great Wall Motors (GWM) and General Motors signed an agreement to purchase the Talegaon plant as part of the Chinese manufacturer’s plans to enter the Indian market. However, the deal collapsed last year after extending the deadline twice.
While the deal between the two auto giants has yet to be finalized, Hyundai Motor India could use the Talegaon plant as its first dedicated EV manufacturing facility. The company had previously disclosed its plans to increase its production capacity by 8.2 lakh units annually from June this year. As of now, the Korean manufacturer has two manufacturing plants at Irungattukottai and Sriperumbudur in Tamil Nadu.