Investment plan

Chinese engine Great Wall Motor cancels $1 billion investment plan in India: report

By Aditi Shah

NEW DELHI (Reuters) – Chinese automaker Great Wall Motor has suspended plans to invest $1 billion in India and laid off all employees at its local unit after it failed to secure regulatory approvals, three sources directly said on Friday. aware of the case.

The Chinese automaker has been planning to enter the Indian market since 2020 and the failure to secure approvals makes it one of the biggest victims of New Delhi’s heightened scrutiny of Beijing’s investments.

Without commenting directly on the release, Great Wall said in a statement that it “would like to thank all members of the Indian team for their contribution,” adding that it would continue to study the Indian market and seek opportunities “in the future”.

(Reporting by Aditi Shah; Editing by Mark Potter)

(Only the title and image of this report may have been edited by Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)

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