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Representational image only.
| Photo Credit: AP
Hyundai Motor India Limited (HMIL), said on March 13 that it 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 fulfillment of conditions precedent and receipt of regulatory approvals from relevant Government Authorities and all the stakeholders related to the acquisition,” the company said in a statement.
The shas been closed down due to lack of demand for its products and the American auto major is locked in a legal dispute with its workers who want to be part of the ownership change.
Recently China’s Great Wall Motor (GEM) pulled out from its bid to acquire the plant after having waited for over two years to secure necessary approvals.
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