Hyundai Motor India Limited (HMIL), India’s first smart mobility solutions provider and the largest exporter since inception, on Monday signed a ‘Term Sheet’ for the potential acquisition of identified assets related to General Motors India, Talegaon Plant, Maharashtra.
A term sheet is typically an agreement, largely nonbinding in nature, outlining the basic terms and conditions under which an investment will be made.
The Term Sheet covers the proposed acquisition of (i) Land & Buildings and (ii) Certain Machinery and equipment for manufacturing situated at General Motors India, Talegaon Plant.
The proposed acquisition is subject to the signing of the “Definitive Asset Purchase Agreement and fulfilment of conditions precedent and receipt of regulatory approvals from relevant Government Authorities and all the stakeholders related to the acquisition.
The US automaker General Motors (GM), which stopped selling cars in India at the end of 2017, called off the sale of its shuttered Talegaon plant in Pune to Great Wall Motors (GWM) as their agreement, which was extended twice, expired on June 30, 2022.
Hyundai Motor India Limited (HMIL) is a wholly-owned subsidiary of Hyundai Motor Company (HMC). Currently it has 12 car models across segments GRAND i10 NIOS, All New i20, i20 N Line, AURA, VENUE, VENUE N Line, Spirited New VERNA, All New CRETA, ALCAZAR, New TUCSON, KONA Electric and All Electric SUV IONIQ 5.