New Delhi, May 6 (PTI) Hyundai Motor India Ltd on Tuesday said it is gearing up to commence operations at its manufacturing facility in Talegaon, Maharashtra, acquired from General Motors, in the fourth quarter of this calendar year.
The company, which marked its 29th foundation day on Tuesday having sold a cumulative 1.27 crore units since inception on May 6, 1996, said it has also recently allocated Rs 1,500 crore towards revamp and modernisation of its Chennai manufacturing facility.
"Envisioning India at the heart of global manufacturing and commerce, Hyundai began its journey with the country 29 years ago with a vision of mutual progress," Hyundai Motor India Ltd (HMIL) Managing Director Unsoo Kim said.
He further said the company will "continue to drive transformation in products and services, while contributing meaningfully to the society".
HMIL said it is geared up to commence operations at its new manufacturing facility in Talegaon, Maharashtra, in Q4 of calendar year 2025.
The company had in 2023 signed an asset purchase agreement to acquire and assign identified assets related to General Motors India's Talegaon plant in Maharashtra and the acquisition was completed in January last year. The Talegaon plant has an existing annual production capacity of 1.3 lakh units.
In its 29 years of existence, HMIL said it has invested USD 6 billion towards scaling up operations in India. It has sold over 1.27 crore units, including export of over 37 lakh units to more than 150 countries.
HMIL continues to stand among the top three global contributors to Hyundai Motor Company's sales, accounting for 18.5 per cent of its global volumes in CY2024, it added.