- The term sheet covers the acquisition of land, buildings, and machinery

- The General Motors plant is located in Talegaon, Maharashtra

Hyundai Motor India has penned down a term sheet for the potential acquisition of the General Motors plant in Talegaon, Maharashtra. For the uninitiated, a term sheet is an agreement outlining the basic terms and conditions under which an investment or joint venture will come into effect.

The term sheet filed by Hyundai covers the proposed acquisition of land, buildings, and certain machinery and equipment for manufacturing, situated at GM’s plant in Talegaon. However, the proposed acquisition is subject to the signing of the ‘Definite Asset Purchase Agreement’ and fulfilment of conditions precedent and receipt of regulatory approvals from relevant government authorities and stakeholders.

Apart from Hyundai, Mahindra too showed interest in acquiring the General Motors plant located in Talegaon last year, as it was closer to the Indian automaker’s Chakan facility. Meanwhile, Tata Motors acquired the Sanand plant of Ford for Rs. 725.7 crore in August 2022.