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Chennai, Mar 13 () The Hyundai Motor India Ltd with the intention of having a second car plant in India is considering acquiring land and construction and some assets of General Motors India’s Talegaon plant in Maharashtra.
According to Hyundai Motor India, a Deal Sheet has been signed for the possible acquisition of identified assets of the plant such as land and building, some machinery and equipment located at the General Motors India plant in Talegaon.
Hyundai Motor India said the proposed acquisition is subject to the signing of the ‘Definitive Asset Purchase Agreement’ and fulfillment of conditions precedent and receipt of regulatory approvals from relevant Government Authorities and all stakeholders involved in the acquisition.
The Indian subsidiary of Hyundai Motors South Korea has a large manufacturing facility at Irrungattukottai near here.
The Hyundai Motor India has earlier announced its plans to start manufacturing electric vehicles.
Furthermore another facility outside of Tamil Nadu is a kind of depressing strategy and also closer to other markets in the country.
It should be noted that Ford Motor Company closed its Chennai plant operations sometime ago.
(This story has not been edited by The Kashmir Monitor Staff and is auto-generated from a syndicated feed)