Hyundai Motor India on Monday said it has inked a term sheet to potentially acquire land, buildings and certain manufacturing equipment at General Motors India's Talegaon-based manufacturing plant.
The company has inked a "term sheet" for the potential acquisition of identified assets related to the Maharashtra-based facility, the country's second-largest carmaker said in a statement.
The term sheet covers the proposed acquisition of land and buildings and certain machinery and manufacturing equipment at the Talegaon plant, it added.
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.
After more than two decades of operations in India, General Motors stopped selling cars in the country from 2017-end, as part of its global restructuring actions.
General Motors had earlier inked a pact to sell the plant to Chinese carmaker Great Wall Motors.
The agreement fell through last year as the Chinese carmaker called off plans to enter the Indian market.
The Talegaon plant has an installed manufacturing capacity of around 1.3 lakh units and 1.6 lakh engines per annum.