General Motors cancels plan to sell Indian plant to Great Wall

by SpeedLux
General Motors

General Motors said on Friday it had cancelled the sale of a closed Indian plant to Great Wall Motor after they failed to obtain regulatory approvals, amid a tougher stance by the Indian government towards investments from China.

GM struck a deal in January 2020 to sell the plant to GWM which was expected to pay up to $300 million as part of a broader plan to spend $1 billion to establish a presence in India’s growing automobile market.

The agreement was extended twice and it expired on June 30.

GM said it will look for further options for the sale of the site.

Great Wall Motor confirmed cancellation of the deal and said that it will keep its attention to the Indian market in the future.

GM’s deal with Great Wall was agreed just months before Indian government toughened its stance in April 2020 on investment from China due to border clashes.

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