Hyundai Motor's India arm to invest US$722 million in Maharashtra
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HYUNDAI Motor’s Indian unit on Friday (Jan 19) said it would invest US$721.73 million in the western state of Maharashtra, while also disclosing that it had completed the acquisition of General Motor’s plant in the state.
India’s second-largest carmaker by sales did not disclose a deal value for the Talegaon plant or give details of its investment in Maharashtra.
The deal for the plant, announced last March, will take Hyundai’s production capacity to 1 million units from more than 800,000 currently. It is expected to begin operations by 2025.
The Korean automaker has announced a string of investments over the last year in the southern state of Tamil Nadu – where its only Indian plant is located.
Earlier this month, Hyundai signed a non-binding agreement with the Tamil Nadu government to invest 61.8 billion rupees (S$998 million), some of it earmarked for electric vehicle (EV) battery and car manufacturing. REUTERS
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