Hyundai India signed a term sheet today for the potential acquisition of General Motors’ plan in Talegaon outside Pune in Maharashtra. The term sheet covers the proposed acquisition of land and buildings, along with certain machinery and equipment that is already situated at the Talegaon plant. The GM Talegaon plant includes an engine plant, with the capacity that used to be 165,000 vehicles a year, and 160,000 powertrains.
This moves comes after a deal for a proposed acquisition between General Motors India and Chinese carmaker Great Wall Motors in 2020, fell through owing to geopolitical tensions.
The Talegaon plant was one of General Motors’ two manufacturing plants in India, the second plant being situated in Halol, Gujarat which is now owned by SAIC, the parent company of MG. General Motors’ Talegaon plant was set up in 2008, and this plant was responsible for exports since 2014, with models such as the Chevrolet Beat being exported to markets such as Chile in left-hand drive form. The American carmaker exited India in 2017, discontinuing its operations, and the plants have remained shuttered since.