The hyundai motor india hyderabad announced its plants to get into electric vechile manufacturing.
According to hyundai motor india a term sheet has been signed for the potential aquisition of identified assets of plants land and and building certain menufacturing machinery and equipment situated at the general motors india’s plant in talegaon.
The indian subsidiary of south korean Hyundai motors has a big manufacturing facility irrungattukuttai ,Tamil nadu is a short of the derisking strategy and also being closer to other markets in the country.
Although ford motor company had shutters its chennai plant operation sometimes back.
The hyundai motor india said the proposed acquisition subject to the shining of the definitive asset purchase agreement and fulfillment of conditions.