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Hyundai Motor India signs a non-binding term sheet agreement with General Motors India to acquire identified assets related to the Talegaon Plant in Maharashtra.
After months of speculation, Hyundai Motor India (HMI) has officially signed a non-binding agreement, known as a term sheet, with General Motors India (GMI) to acquire assets related to GMI's Talegaon Plant in Maharashtra.
This comes after HMI's attempt to acquire Ford India's plant in Chennai or Gujarat failed due to Tata Motors' agreement to acquire the latter. Meanwhile, GMI had been searching for a buyer since its deal with Chinese carmaker Great Wall Motors fell through in June 2022.
The proposed acquisition is subject to the signing of a Definitive Asset Purchase Agreement, fulfillment of conditions precedent, and regulatory approvals from relevant authorities and stakeholders.
The term sheet covers the potential acquisition of land, buildings, and certain manufacturing machinery and equipment at the Talegaon Plant.
Upcoming Skoda Compact SUV Again Spotted on Indian Roads; Check Details
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Read Full NewsUpcoming Skoda Compact SUV Again Spotted on Indian Roads; Check Details
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18-May-2024 07:54 AM
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18-May-2024 07:54 AM
Read Full NewsCarbike360 Weekly Wrap Up: BMW, Maruti, Kawasaki and TVS new Launches and more
Get the scoop on the latest launches from BMW, Maruti, Kawasaki, TVS, and more in the Carbike360 Weekly Wrap Up - your go-to source for automotive news.
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18-May-2024 06:58 AM
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17-May-2024 09:14 AM
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