Other companies may join the fray to acquire General Motors’ automobile plant in Talegaon, Pune. After the Mahindra Group and MG Motors, Hyundai Motor India is the latest company to show interest in acquiring the GM plant.
According to sources, a team from Hyundai Motor India visited GM’s premises and were exploring a possible deal.
When contacted, Hyundai Motor denied this development and said it was false information and had been floating around for a year.
Read also | Mahindra & Mahindra may acquire GM’s Talegaon plant
General Motors and Mahindra Group explored options for selling the site. GM’s $300 million deal with Chinese automaker Great Wall Motors (GWM) to sell the Talegaon plant has failed to gain regulatory approval from the Indian government due to tension geopolitics with China. General Motors abandoned plans to sell the plant to GWM.
GM India has not confirmed these developments or commented on a potential sale. “GM continues to explore options for the sale of the site. The plant remains a well-maintained state-of-the-art industrial site, with strong links to supply chain and transportation networks,” the company statement read.
GM had in January 2022 decided to stop manufacturing, stop investing and close the Talegaon plant. The company has been working on the sale of the factory since January 2020. The company has also been unable to agree a separation package for staff and has since gone to court.
The GM Talegaon plant covers 300 acres and has the capacity to produce 1,65,000 vehicles and an engine plant to manufacture 1,60,000 engines. GWM had signed a memorandum of understanding with the government of Maharashtra to invest around $1 billion, but this was put on hold in June 2020.
