GM calls off plan to sell India car plant to China’s Great Wall
The Hindu
Automaker cites failure to obtain regulatory approvals
General Motors (GM) said on Friday it had called off the sale of a shuttered Indian plant to China’s Great Wall Motor after they failed to obtain regulatory approvals, amid a tougher stance by New Delhi towards investments from Beijing.
GM struck a deal in January 2020 to sell the plant to Great Wall, with the Chinese SUV-maker expected to pay up to $300 million as part of a broader plan to invest $1 billion to establish a presence in India's growing car market.
The agreement, which was extended twice, expired on June 30.
“We have been unable to obtain the required approvals within the time frame of the deal,” George Svigos, executive director of communications at GM International, told Reuters.
“Our strategy in India remains unchanged and we will now explore further options for the sale of the site,” he said, adding the company “hopes to achieve a price that reflects the value of the asset”.
“Great Wall Motor will keep its attention to the Indian market in the future and continue looking for new opportunities,” the Chinese automaker said in a statement on Friday, while confirming the termination of the plant deal.
The Indian government did not immediately respond to emails seeking comment.
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