Hyundai is planning to invest $2.45bn in India in the next eight years. Credits: FotograFFF/Shutterstock.

Hyundai Motor India has signed a memorandum of understanding (MoU) with the government of Maharashtra that will see the South Korean carmaker invest up to $722m in its production lines there.

In addition, Hyundai has successfully acquired the Talegaon plant from General Motors (GM). The newly bought plant is located on the outskirts of Pimpri-Chinchwad and will have an annual production capacity of one million units when it begins operations in 2025.

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The two announcements mark Hyundai’s first investment outside the Indian state of Tamil Nadu.

“We are absolutely delighted and welcome Hyundai in creating a world-class modern automobile manufacturing facility in India,” commented the Indian Deputy Chief Minister of Maharashtra Devendra Fadnavis on X (formerly Twitter).

In a separate announcement released on Monday, Hyundai said it would need $845m to fix the plant bought over from GM.

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Commenting on the latest developments in India, the company’s managing director and CEO Un Soo Kim said: “India is a very important market for Hyundai Motor Company, and we are committed to providing benchmark-creating products and technologies to Indian customers.

“As we look forward to the next decade of progress for Hyundai Motor India, it is critical for us to augment our manufacturing capacity in India. The Talegaon manufacturing plant will play the role of a catalyst in achieving Hyundai’s one million annual production capacity milestone.”