China’s SAIC Motor has denied the media reports of signing any agreement to acquire GM’s Halol plant, but rather, evaluating various options to set up a manufacturing plant. The company also clarified in an official statement that the decision to enter into the Indian market remains unchanged.
SAIC Motor Corporation has seen some reports in the media about SAIC signing an agreement with GM to take over its Halol Car Manufacturing Plant. It is clarified that SAIC has not signed any formal agreement with GM for the Halol Plant. A few months back, SAIC signed a term sheet to evaluate the Halol Plant which has been conveyed in a filing to Shanghai Stock Exchange, SAIC being a listed company there. SAIC’s Halol Plant deal is subject to GM’s submission of all government approvals, settlement of labour and all other pending issues by GM. However, SAIC’s decision to enter into the Indian market remains unchanged and the company continues to evaluate various options to set up a car manufacturing plant in India as early as possible.
The Chinese state-owned automaker has registered MG Motor India Private Limited at the Ministry of Corporate Affairs on 7th Feb 2017.