Hyundai and suppliers invest Rs 100 billion in GM's Talegaon Plant
25 Oct 2023
2 Min Read
CW Team
Hyundai Motor India (HMIL) and its suppliers are set to contribute Rs 50 billion each for the investment in General Motors India's (GMI) Talegaon plant in Maharashtra.
Following the resolution of the worker-management dispute at General Motors, Hyundai and its partners are prepared to invest a total of Rs 100 billion in the automotive plant. This facility has an annual production capacity of 130,000 units.
In August 2023, Hyundai, the South Korean automaker, finalised an agreement to acquire GM's Talegaon plant, including the land, buildings, machinery, and manufacturing equipment. Production at this plant is scheduled to begin in 2025, pending specific conditions and regulatory approvals.
The plant's operation and associated facilities are expected to create around 4,500 direct and indirect job opportunities. A high-ranking government official, involved in the discussions, informed the publication that Hyundai plans to invest Rs 50 billion, with additional contributions anticipated from its vendors and partners. This investment will unfold gradually, with the majority expected to materialise by 2028, potentially leading to local job creation.
Puneet Anand, Associate Vice President and Head of Corporate Affairs at Hyundai India, stated the company's intention to boost the plant's annual production capacity and align it with Hyundai Global Operating and Manufacturing Standards in a statement provided to the publication.
Hyundai Motor India (HMIL) and its suppliers are set to contribute Rs 50 billion each for the investment in General Motors India's (GMI) Talegaon plant in Maharashtra.
Following the resolution of the worker-management dispute at General Motors, Hyundai and its partners are prepared to invest a total of Rs 100 billion in the automotive plant. This facility has an annual production capacity of 130,000 units.
In August 2023, Hyundai, the South Korean automaker, finalised an agreement to acquire GM's Talegaon plant, including the land, buildings, machinery, and manufacturing equipment. Production at this plant is scheduled to begin in 2025, pending specific conditions and regulatory approvals.
The plant's operation and associated facilities are expected to create around 4,500 direct and indirect job opportunities. A high-ranking government official, involved in the discussions, informed the publication that Hyundai plans to invest Rs 50 billion, with additional contributions anticipated from its vendors and partners. This investment will unfold gradually, with the majority expected to materialise by 2028, potentially leading to local job creation.
Puneet Anand, Associate Vice President and Head of Corporate Affairs at Hyundai India, stated the company's intention to boost the plant's annual production capacity and align it with Hyundai Global Operating and Manufacturing Standards in a statement provided to the publication.
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