The Hyundai Motor India Ltd with a view to have a second automobile plant in India is considering to acquire land and building and some assets of General Motors India's Talegaon plant in Maharashtra.
According to Hyundai Motor India, a Term Sheet has been signed for the potential acquisition of identified assets of the plant like land and building, certain machinery and equipment situated at the General Motors India's plant in Talegaon.
The 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 the stakeholders related to the acquisition.
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The Indian subsidiary of the South Korea's Hyundai Motors has a big manufacturing facility in Irrungattukottai near here.
The Hyundai Motor India has earlier announced its plans to get into electric vehicle manufacturing.
Further another facility outside Tamil Nadu is a sort of derisking strategy and also being closer to other markets in the country.
It should be noted Ford Motor Company had shuttered its Chennai plant operations sometime back.