Hyundai Motors India Limited (HMIL) has signed a term sheet to potentially acquire recognised assets at General Motors’ Talegaon Plant in Maharashtra’s Pune district.

According to Hyundai Motors, the Term Sheet covers the projected acquisition of land & buildings, machinery & equipment used for engineering at the General Motors plant.

“The projected acquisition is focused on the signing of the Definitive Asset Purchase Agreement’ and accomplishment of conditions precedent and receipt of regulatory sanctions from related Government Authorities and all the stakeholders linked to the acquisition,” Hyundai said.

Hyundai Motor India Limited is a wholly-owned secondary of Hyundai Motor Company (HMC), which presently has 12 car models across sections Grand i10 Nios, i20, i20, Aura, Venue, NLine, Venue N Line, among others.

The company currently exports to about 85 countries across the Middle East, Africa, Latin America, and Australia, forming a vital part of HMC’s worldwide export hub.

HMIL presently has 1,333 sales points and 1,494 service points plus across India. Hyundai has a contemporary multi-million-dollar R&D skill in Hyderabad and a thoroughly combined manufacturing plant near Chennai, Tamil Nadu.