U.S. General Motors to sell Pune plant to JSW Energy for $482 mln

U.S.-based vehicles manufacturer General Motors Co. (GM) plans to completely exit India, with the company in advanced talks with India's JSW Energy Limited, a unit of steel to energy company JSW Group, to sell its last remaining car plant in the country for about 3,500 crore rupees ($482 million).

JSW intends to foray into automobile manufacturing by producing an electric car, code-named JSW car, at GM’s Pune car plant and sell it in the price range of $16,520 to $20,651.

The factory is valued anywhere between $413 million and $481.7 million, which includes land cost, an engine assembly line and car assembly line.

The facility, which opened in 2008, is spread over 300 acres, including the car plant with an annual capacity of 130,000 vehicles.