China’s largest automaker SAIC Motor Corp has signed a deal with General Motors to buy its GM India’s Halol plant in Gujarat, the company said in a filing with the Shanghai Stock Exchange on Wednesday. Last year, Detroit-headquartered General Motors pulled back its $1 billion investment in India amid falling sales and consequent plunge in market share. The Competition Commission’s had already given approval to SAIC Motor HK, part of China’s SAIC Motor Corp, in January this year to acquire certain assets of the Halol plant. Read moreIn China, SAIC Motor Corp makes cars in joint ventures with General Motors Co and Volkswagen AG in addition to own-brand vehicles. Meanwhile, General Motors India will continue making cars at its Talegaon factory near Pune which has annual capacity of 170,000 volumes.

Source: Hindustan Times April 05, 2017 12:22 UTC