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Undone: GM calls off plan to sell Indian car plant to China's Great Wall

Business Line  

General Motors (GM) has called off the sale of its shuttered Indian plant to China's Great Wall Motor after failing 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. The Chinese SUV-maker was expected to pay up to USD 300 million as part of a broader plan to invest USD 1 Billion to establish a presence in India. The agreement, which was extended twice, expired on June 30. GM's deal with Great Wall was agreed just months before India toughened its stance in April 2020 on investment from neighbouring countries including China.