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Singapore - General Motors Corporation (NYSE: GM), has offered to purchase the passenger car assembly assets of Daewoo Motors India Ltd. (DMIL) and the principal creditors of Surajpur-based DMIL (ICICI Bank, IDBI and Exim Bank) have accepted such purchase subject to approval of the respective boards of GM, the creditors, and judicial and governmental authorities. Pursuant to such sale GM would purchase 100 percent of DMIL's car assembly assets.

The facility has an annual manufacturing capacity of 85,000 units and will be used for the assembly of a mini-car for the Indian market. Following refurbishment, production is expected to begin next year.

"We are pleased and excited about the opportunity to grow our business and presence in India," said Frederick A. Henderson, GM Group Vice President and President of GM Asia Pacific. "This facility will allow us to produce a new generation of cost-competitive vehicles that can be marketed through our Chevrolet distribution channel."

"Today's development represents a significant milestone for the automotive industry in India," said Ms. Kalpana Morparia, Deputy Managing Director, ICICI Bank. "It sends a powerful message that India is a good place to invest and a good place in which to do business."

GM investments in India include the operations of GM India, its vehicle manufacturing plant at Halol in the state of Gujarat and the new GM Engineering Center in Bangalore.
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