TALEGAON PLANT
Boost for Hyundai Motor export plans, as auto co plans to launch slew of EVs over next 4 years
Hyundai Motor India Ltd (HMIL) is planning a ₹25,000 crore IPO to drive its parent company's strategy of making India a key export hub. The company plans to introduce nearly half a dozen electric vehicles for local sales and exports as part of this ambitious strategy.
Hiranandani-Blackstone JV leases out 3 lakh sq ft industrial space to United Industries
The joint venture company GreenBase, formed by Hiranandani Group and Blackstone Group, has leased over 300,000 sq ft of industrial space in Pune to automotive component major United Industries. This deal, one of the largest in industrial real estate this year, is for a built-to-suit manufacturing facility in Greenbase Industrial and Logistics Parks, Talegaon. The facility is set to be operational in 8 months, creating jobs for 600-800 people.
Hyundai completes Talegaon plant acquisition; earmarks Rs 6,000 crore investment in Maharashtra
Hyundai Motor India completes the acquisition of General Motors India's manufacturing plant in Talegaon, Maharashtra. The company will invest Rs 6,000 crore in Maharashtra as part of an agreement with the state government. The acquisition was completed after fulfilling conditions and receiving regulatory approvals. Hyundai Motor India is committed to providing benchmark products and technologies to Indian customers and aims to augment manufacturing capacity in India
Expect SUVs to account 65 pc of total sales in India this year, 20 pc from EVs by 2030: Hyundai
Hyundai Motor India plans to invest Rs 7,000 crore on its second plant at Talegaon in Maharashtra, aiming to increase sports utility vehicle sales to 65% of its overall volumes in 2024. The company also plans to introduce the new Creta mid-sized SUV and commence production at the newly acquired plant.
Hyundai Motor plans second plant in India, commits Rs 7000 crore investment in Maharashtra
Hyundai Motor, a renowned carmaker, is set to invest Rs 7,000 crore in the establishment of its second plant in India. The company has made this move after acquiring a previously inactive factory from General Motors Co. The investment agreement between Hyundai and the western state of Maharashtra is expected to be signed at the annual World Economic Forum summit in Davos, Switzerland. Deputy Chief Minister Devendra Fadnavis shared this news on X (formerly Twitter) on Saturday.
After HC blow, GM staff union may focus on compensation
In his 43-page order, Justice Milind Jadhav observed that if a company approaches the court for closure of its establishment on the ground of accumulated losses as per the law, the possibility of unemployment of the workers can't be a ground to compel the company to run its business and refuse closure. "The accumulated losses in the present case are substantial. They pan out over almost a decade prior to the closure announced by the company.
Mitsubishi Electric has launched new manufacturing facility in Maharashtra
Mitsubishi Electric India’s Factory Automation & Industrial Division holds a presence in India since over a decade and is contributing to varied Industrial and commercial sectors including automotive, food & beverages, pharmaceuticals, textiles, and has been increasingly catering to upcoming diverse sectors like data centres, e-commerce and many more.
Layoff packages were seven times the norm, says General Motors as workers begin an indefinite chain hunger strike
The striking former workers are protesting unemployment and their non-absorption by Hyundai Motor India, which has signed an initial agreement to acquire the Talegaon facility. The American automaker is now keen on signing the final agreement with Hyundai Motor India, a spokesperson at GM said.
General Motors Employees Union calls for chain hunger strike from Oct 2
The employee union of General Motors India is calling for a chain hunger strike to demand the transfer of all workers to Hyundai Motor, which plans to acquire the manufacturing facility in Talegaon. The union accused the government of not taking the unemployment issue seriously. General Motors stopped selling cars in India in 2017 and is selling its Talegaon plant to Hyundai.
Hyundai Motor unit to buy General Motors' India plant in Talegaon, Maharashtra
South Korean automobile giant Hyundai Motor Co's Indian unit will buy automaker General Motors' Talegaon, Maharashtra plant, the company announced on Wednesday. Hyundai, India's second-biggest carmaker by sales, did not mention a deal value.
Hyundai Motor to acquire General Motors’ Talegaon plant
Unsoo Kim, Managing Director and CEO of Hyundai Motor India and Asifhusen Khatri, Vice President Manufacturing of General Motors India and General Motors International Operations, participated in the signing ceremony in Gurugram, Haryana.
GM India gets conditional approval from Maharashtra govt for Talegaon plant closure
It paves way for settlement with the workers and brings GM India closer to signing a commercial deal with Hyundai Motor India
Hyundai inks deal to acquire GM India's Talegaon manufacturing facility
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, Hyundai Motor India said in a statement.
Hyundai Motor India's first rollout from new plant likely to be electric SUV, in 2025
An email sent to Hyundai remained unanswered. By June this year, Hyundai plans to increase its total capacity at its current plant in Tamil Nadu from 760,000 units to 820,000 units, it said in January. GM's plant has an annual capacity to make 186,000 units.
Judge appointed by Pune Labour Court to mediate on General Motors logjam tomorrow
The move comes days after none of the 1,020 employees, part of the General Motors Employee Union (GMEU), accepted the employee separation scheme. The mediation by the judge, appointed by the Pune Labour Court, is set to commence on February 21. The Detroit-based automaker ceased manufacturing at its facility in December 2020, but it hasn't been able to sell off the plant and exit the country, owing to the protracted legal battle with the workers.
GM deal to sell Talegaon plant to China’s Great Wall Motor collapses
With the $1 billion Great Wall Motors proposal stuck over lack of FDI clearance for over two years, the company has been compelled to look at alternatives, even as it fights out a legal battle with the employees for sale.
As time runs out on Great Wall deal, General Motors finds exit from Talegaon tougher
The woes for the maker of Chevy cars continue as its term sheet to sell the plant to China's Great Wall Motors is to expire on June 30, with the proposal stuck for more than two years due to the strict rules governing FDI. To add to its legal challenges, Maharashtra government's opposition to the closure of the Talegaon plant was upheld by the Bombay HC.
Great Wall Motors extends GM plant term sheet
The maker of Haval SUV has also kept the term sheet window open to extend the timeline further to acquire the facility by June of 2022, said people in the know, even as US automaker GM continues its bitter legal battle with protesting workers in India.
GM, Great Wall extend term sheet on Pune plant as legal battle with workers intensifies
The maker of Haval SUV has also kept the term sheet window open to extend the timeline further to acquire the facility by June of 2022, said people in the know, even as US automaker GM continues its bitter legal battle with protesting workers in India.
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