GM scraps deal to sell plant in Maharashtra to Great Wall Motor


PTI, Jul 3, 2022, 9:50 AM IST

Credit: Reuters photo

 

General Motors (GM) on Friday said it has called off the sale of its Maharashtra-based manufacturing plant to China’s Great Wall Motor after the parties failed to obtain necessary regulatory approvals.

In 2020, GM had inked a deal to sell the Talegaon facility to Great Wall Motor (GWM).

“We have been unable to obtain required approvals within the timeframe of the deal. The term sheet for the sale of the Talegaon site has previously been extended,” a GM spokesperson said when contacted over the matter.

GM’s strategy in India remains unchanged and it will explore further options for sale of the site, the spokesperson noted.

Great Wall Motor, which had committed to invest USD 1 billion in India, had agreed to acquire GM’s plant in January 2020 and subsequently inked an MoU with the Maharashtra government later in June that year for the facility.

However, the company could not get an approval from Indian authorities as relations between India and China deteriorated over border issues.

India had made it stricter for investments coming from its neighbouring countries, which includes China. India has even banned over 300 Chinese mobile apps, including the popular Tik Tok, citing security threat.

In May 2017, General Motors decided to stop selling its vehicles in India. The automaker has already sold its Halol-based plant to MG Motor.

Udayavani is now on Telegram. Click here to join our channel and stay updated with the latest news.

Top News

Temple idols found desecrated in Hyderabad, case registered

SC junks plea against quashing of LOC issued to ex-house help of Sushant Singh Rajput

JPC chairman Jagdambika Pal to visit K’taka on Nov 7 to meet farmers protesting Waqf notices

Indian boxer Mandeep Jangra wins WBF’s world title

IOA submits ‘Letter of Intent’ to host 2036 Olympics in India

CBDT allows tax officials to waive or reduce interest due from assessee

Like UP, bring BJP to power in Jharkhand to ‘bulldoze’ mafia: Yogi at Koderma poll rally

Related Articles More

Royal Enfield forays into electric bike segment; unveils first model under Flying Flea brand

Maruti Suzuki looks to cash in on ‘few lakh marriages’ in Nov to carry festive sales momentum

Auto sales grow in mid-to-high single digits during Navratras, rural sales muted: Report

Car makers witness record sales on Dhanteras; Oct bookings up by 30%

State not empowered to frame rules for motor driving schools: HC

MUST WATCH

Gho Pooja in Deepavali Festival

Melukote Deepavali

Ganapathi Co-operative Society Ltd

Udayavani Chinnara Banna 2024

Annapoorna Aahar | Food Places In Mysore


Latest Additions

Temple idols found desecrated in Hyderabad, case registered

Rebels to be shown the door: Maharashtra BJP chief Bawankule

Rohit Shetty says ‘Singham Again’ his fastest Rs 100 crore film, thanks audience for support

SC junks plea against quashing of LOC issued to ex-house help of Sushant Singh Rajput

People of Wayanad will ask me not to come there often: Priyanka Gandhi

Thanks for visiting Udayavani

You seem to have an Ad Blocker on.
To continue reading, please turn it off or whitelist Udayavani.