“Source:- Economic Times”
Great Wall Motors (GWM) and General Motors (GM) today announced an agreement for the sale of GM India’s Talegaon manufacturing facility, subject to requisite government and regulatory approvals.
Under a binding term sheet signed yesterday, the GM India legal entity, which includes the Talegaon facility, will transfer to GWM. GWM Global Strategy Vice President Liu Xiangshang said the transaction would underpin the company’s plan to enter and invest in India.
“The Indian market has great potential, rapid economic growth and a good investment environment. Entering the Indian market is an important step for Great Wall Motors’ global strategy,” said Liu.
Great Wall Motors’ investment will create more jobs, including direct and indirect employment, further enhancing the skill level in the auto industry; promote the development of the local supply chain, R&D and related industries; and contribute more profits and taxes to the government of India and the government of Maharashtra, the company said. “Great Wall Motors will officially debut its Haval brand and GWM EV at the Delhi International Auto Show, and launch its Indian market plan”, informed Liu.