Hyundai Motor India (HMIL), one of the country’s leading passenger car manufacturers, has signed a term sheet for the potential acquisition of certain assets from General Motors (GM) India, Talegaon plant in Maharashtra.
The General Motors plant in Talegaon has already attracted interest from several OEMs, including Mahindra Group, Tata Motors, Hyundai Motor India, MG Motor India and even Great Wall Motor (GWM). The U.S. automaker had signed a deal with Chinese auto company Great Wall Motors (GWM) to sell the Talegaon plant worth $300 million (2,475 million rupees). But, it was unable to secure the Indian government’s approval due to geopolitical tensions with China.
Now, Hyundai Company has proposed to acquire land and buildings, as well as certain machinery and equipment for production at General Motors India’s Talegaon plant. The proposed acquisition is subject to the signing of the definitive asset purchase agreement, the satisfaction of conditions precedent and the receipt of regulatory approvals from the relevant government authorities and all stakeholders associated with the acquisition.
First time in Maharashtra, local farmers, youth and women welcomed the Hyundai company by distributing sweets and bursting firecrackers.
Hyundai Company has bought the General Motors Company in Talegaon industrial area. There is an atmosphere of excitement among the youths of Navlakh Umbre, Ambi, Mangrul, Jadhavwadi, Badhalwadi, Warangwadi, Talegaon Dabhade etc. Also, these villagers welcomed the company by bursting firecrackers and distributing sweets.
Members of RMK SPACES were also present to welcome Hyundai to Talegaon. RMK SPACES is one of the most prestigious companies in Talegaon and Pune region, whose founder and chairman is Mr. Ramdas Kakade.
The young industrialist and managing director of RMK SPACES, Mr. Ranjeet Kakade, said, “Hyundai has signed a term sheet agreement with General Motors and this is a good news for the people of Talegaon and the surrounding areas. He congratulated all these people and Hyundai Motor India. Government policies for Talegaon area, Mumbai-Pune highway, railway, connectivity of Mumbai and Pune are all attracting multinational companies to Talegaon. However, Talegaon is well connected to the important cities of Pune and Mumbai. So, there is a big scope for big companies like Hyundai to expand.
He is glad to welcome Hyundai with great enthusiasm as the nearby areas like Navlakh Umbre, Maval, etc., are now ready to grow with industrialism along with spirituality. These areas are already known for spiritualism but now the people of this area will grow intellectually and economically along with industrialism.”
Moreover, not only men from Talegaon but also women and youth were there to welcome the new industries. It is perhaps the first time in India that local women have welcomed new industries to their areas, said Mr. Ranjeet Kakade.