Chennai, Hyundai Motor India Ltd is considering acquiring land, buildings, and some assets from General Motors India's Talegaon plant in Maharashtra in order to establish a second automobile plant in India.

According to Hyundai Motor India, a Term Sheet has been signed for the potential acquisition of identified plant assets such as land and building, as well as certain machinery and equipment located at General Motors India's Talegaon plant.

The proposed acquisition, according to Hyundai Motor India, is subject to the signing of the 'Definitive Asset Purchase Agreement,' fulfilment of conditions precedent, and receipt of regulatory approvals from relevant Government Authorities and all stakeholders involved in the acquisition.

Hyundai Motors' Indian subsidiary has a large manufacturing facility near here in Irrungattukottai.

Hyundai Motor India had previously announced its intention to enter the electric vehicle manufacturing market.