GM Scraps Deal To Sell Plant In Maharashtra To Great Wall Motor

Normal Motors (GM) on Friday mentioned it has known as off the sale of its Maharashtra-based manufacturing plant to China’s Nice Wall Motor after the events didn’t receive crucial regulatory approvals. In 2020, GM had inked a deal to promote the Talegaon facility to Nice Wall Motor (GWM).

“We have now been unable to acquire required approvals inside the timeframe of the deal. The time period sheet for the sale of the Talegaon web site has beforehand been prolonged,” a GM spokesperson mentioned when contacted over the matter. GM’s technique in India stays unchanged and it’ll discover additional choices on the market of the positioning, the spokesperson famous. Nice Wall Motor, which had dedicated to take a position USD 1 billion in India, had agreed to accumulate GM’s plant in January 2020 and subsequently inked an MoU with the Maharashtra authorities later in June that 12 months for the power. Nevertheless, the corporate couldn’t get an approval from Indian authorities as relations between India and China deteriorated over border points.

India had made it stricter for investments coming from its neighbouring nations, which incorporates China. India has even banned over 300 Chinese language cell apps, together with the favored Tik Tok, citing safety risk. In Might 2017, Normal Motors determined to cease promoting its autos in India. The automaker has already bought its Halol-based plant to MG Motor.

(PTI)