The company has inked a "term sheet" for the potential acquisition of identified assets related to the Maharashtra-based facility, the country's second largest carmaker said in a statement.
The Chinese company is also awaiting government approval for its investment proposal. Its employee strength in India, meanwhile, is dwindling.
CNBC-TV18 learns that the company is in advanced stages to apply for the parcel in 30 days and is in process of taking last leg of approvals from its Board.
GM India, Talegaon facility celebrates build of first Chevrolet Beat for Mexican consumers
The realty firm also obtained locational clearance for first phase of 475 acre Sanjivani township in Talegaon, Pune and is planning to launch the first phase in Q4FY15