Hyundai Motor's India arm to invest $722 million in Maharashtra

Bengaluru: Hyundai Motor's Indian unit on Friday said it would invest 60 billion rupees ($721.73 million) in the western state of Maharashtra, while also disclosing that it had completed the acquisition of General Motor's plant in the state.

India's second-largest carmaker by sales did not disclose a deal value for the Talegaon plant or give details of its investment in Maharashtra.

The deal for the plant, announced last March, will take Hyundai's production capacity to 1 million units from more than 800,000 currently. It is expected to begin operations by 2025.

The Korean automaker has announced a string of investments over the last year in the southern state of Tamil Nadu— where its only Indian plant is located.

Earlier this month, Hyundai signed a non-binding agreement with the Tamil Nadu government to invest 61.8 billion rupees, some of it earmarked for electric vehicle (EV) battery and car manufacturing.

($1 = 83.1340 Indian rupees)