China's Great Wall agrees to buy General Motors' India plant
JANUARY 17, 2020
NEW DELHI (Reuters) - Great Wall Motor (601633.SS) has agreed to buy General Motors’ (GM) (GM.N) car plant in India, the companies said on Friday, as the Chinese automaker expands overseas amid slowing domestic demand.
The deal, which is expected to be completed by the second half of 2020, will jumpstart Great Wall’s plans to build and sell cars in India and bring to an end GM’s manufacturing operations in the country.
People aware of the deal told Reuters earlier on Friday that the two companies had agreed on the sale, with one of the sources adding that Great Wall is likely to pay around $250 million to $300 million to acquire the plant.
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