January 17, 2020 / 7:43 AM / a month ago

China's Great Wall agrees to buy General Motors' India plant -sources

NEW DELHI, Jan 17 (Reuters) - Chinese automaker Great Wall Motor has agreed to buy General Motors’ (GM) car plant in the Indian state of Maharashtra, two sources aware of the matter said, setting in motion its plan to build cars in the country.

Great Wall, one of the biggest sellers of sports-utility vehicles (SUV) in China, is expected to pay about $250 million to $300 million to acquire the plant, one of the sources said.

The deal, which the sources said could be announced as early as Friday, will give a jumpstart to Great Wall’s plans to build and sell cars in India and is likely to pave the way for GM’s exit from manufacturing cars in the country.

GM in India did not immediately respond to a request for comment. Great Wall was not immediately reachable for comment.

Reporting by Aditi Shah in New Delhi, additional reporting by Yilei Sun in Beijing; Editing by Sanjeev Miglani

0 : 0
  • narrow-browser-and-phone
  • medium-browser-and-portrait-tablet
  • landscape-tablet
  • medium-wide-browser
  • wide-browser-and-larger
  • medium-browser-and-landscape-tablet
  • medium-wide-browser-and-larger
  • above-phone
  • portrait-tablet-and-above
  • above-portrait-tablet
  • landscape-tablet-and-above
  • landscape-tablet-and-medium-wide-browser
  • portrait-tablet-and-below
  • landscape-tablet-and-below