Hyundai Motors India Signs Term Sheet To Buy Chevrolet's Talegaon-based Manufacturing Unit

Hyundai has signed the term sheet to take the acquisition of GM's Talegaon plant. Resultantly, the South Korean brand will now have two manufacturing units in India.

Hyundai Motor India Limited (HMIL), has signed a ‘Term Sheet’ for the potential acquisition of identified assets related to General Motors India, Talegaon Plant, Maharashtra. The Term Sheet covers the proposed acquisition of land & buildings and 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. This plant was managed by Chevrolet to produce cars and powertrains for both Indian and foreign markets.

The Talegaon plant will largely be used for export purposes, reports claim. However, Hyundai is facing issues in fulfilling the demand for our market. The carmaker currently has long waiting periods for almost all of its models. Thus, the Chennai-based unit could solely be used for domestic sales. Currently, the Alcazar, Aura, and i20 have short waiting periods, whereas the Creta’s waiting period goes up to 6 months and more on select variants.

Furthermore, the brand is preparing to launch the new-gen Hyundai Verna in the Indian market. The sedan will make its global unveil in India, and it will be sold in multiple markets across the globe. Hyundai Verna will come with two petrol powertrain choices - 1.5L NA petrol and 1.5L turbo-petrol. The former puts out 115 PS against 144 Nm, while the latter will develop 160 PS and 253 Nm. On the other hand, it is 4,535 mm long, 1,765 mm wide, 1,475 mm tall, and has a 2,670 mm wheelbase. The boot volume stands at  528 litres - highest in the segment.

Talking about the dimensions, the new Hyundai Verna is longer, wider, and taller than the outgoing model, measuring 4,535mm in length, 1,765mm in width, and 1,475mm high. Its boot has a 528-litre capacity, which is 50 larger than its forerunner and the best in the segment.