Hyundai 🇮🇳 and its vendors are set to transform General Motor's Talegaon plant with joint $1.3 billion investment plans

[NG Missile Vessels]

Hyundai Motor India (HMIL) and its vendors are prepared to invest ₹5,000 crore each, in General Motors India's (GMI) Talegaon plant in Maharashtra, sources told the Business Standard.

Following resolution of dispute between the workers and management of General Motors, Hyundai and its partners are expected to invest a total of ₹10,000 crore in in the automotive plant, it added. The manufacturing facility has the capacity to produce 130,000 units annually.

The South Korean auto maker had signed an agreement to acquire the land, buildings, machinery, and manufacturing equipment of GM's Talegaon plant in August 2023. And production at this facility is scheduled to commence in 2025, pending the fulfillment of certain conditions and regulatory approvals.

Jobs creation
Operationalisation of the plant and vendors' facilities is expected to create around 4,500 direct and indirect jobs.

A senior government official involved in the discussions told the paper that Hyundai is expected to invest ₹5,000 crore, with additional investments set ot come from its vendors and associates. This investment is planned to occur in phases, with the majority expected by 2028, potentially creating jobs for the local workforce.

In a statement to the paper, Puneet Anand, associate vice-president and vertical head of corporate affairs at Hyundai India said the company plans to expand the plant's annual production capacity and bring it up to Hyundai Global Operating and Manufacturing Standards.

Hyundai, vendors to transform GM's Talegaon plant with ₹10,000cr investment

Hyundai Motor India and its vendors are poised to invest ₹5,000 crore each, totally ₹10,000 crore, in GM's Talegaon plant in Maharashtra and plans to commence production in 2025 after necessary approvals.

www.livemint.com