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SAIC Denies Signing A Formal Agreement With General Motors Over Indian Manufacturing Facility
Chinese auto major SAIC has stated that it has not signed any formal agreement with General Motors to acquire the Halol plant in Gujarat.
Chinese automaker SAIC Motor Corp has stated that it has not signed any formal agreement with General Motors to buy the latter's Halol plant in Gujarat.
In a statement, SAIC said that the company had signed a term sheet to evaluate buying the Halol plant. But the deal will only finalise if GM gets all the government approvals and settles the labour issues.
Previously, it was reported that SAIC had signed an agreement with General Motors to acquire the Halol plant. And GM had also stopped the production of vehicles in that plant.
SAIC's Chief India representative, P. Balendran said that the company is yet to finalise the deal with General Motors.
Currently, General Motors has two production facilities in India. It is said that in 2015 the company planned to halt production at the Halol plant in Gujarat. SAIC has been in talks with GM to buy this plant.
Balendran said, "SAIC's decision to enter into the Indian market remains unchanged and the company continues to evaluate various options to set up a car manufacturing plant in India as early as possible."
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