Great Wall Motors & 2 Chinese Project worth 5k crore on-hold

The Government of Maharashtra has put on hold planned investments by Chinese companies to the tune of Rs. 5,000 crore. One of the three Chinese investments that have been frozen is the Great Wall Motors (GWM) investment in a production facility in Talegaon, near Pune.

Maharashtra government has put on hold three major agreements signed with Chinese companies at the recently concluded Magnetic Maharashtra 2.0 investor meet.

Earlier this month, Great Wall Motors signed a Memorandum of Understanding (MOU) with the government of Maharashtra to invest US$ 1 billion in a phased way.

The Chinese carmaker plans to set up a manufacturing unit in Talegaon at an existing facility acquired from General Motors. It also plans to set up an R&D center in Bangalore, which, along with the factory, is expected to generate jobs for more than 3,000 people.

The Government has also frozen the proposed projects of PMI Electro Mobility (a joint venture with Foton based in China) and Hengli Engineering. Both companies were planning to invest Rs. 1,000 crore and Rs. 250 crore respectively.


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Source: Times of India