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China’s SAIC Buys GM Factory in India
SAIC Motor Corp. has finalized a deal to buy a General Motors Co. assembly plant in Halol, India, The Economic Times reports.
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SAIC Motor Corp. has finalized a deal to buy a General Motors Co. assembly plant in Halol, India, The Economic Times reports. Terms were not disclosed,
GM signaled two years ago it might idle the plant, which is located in the western state of Gujarat. Earlier this week ET cited a GM spokesperson who said the carmaker would end production at the facility on April 28.
Sources told Reuters in January that GM was negotiating to sell Halol to SAIC and intended to consolidate its manufacturing operations at its factory in Talegaon. The two facilities have annual capacities of 110,000 and 150,000 vehicles, respectively. Last year GM sold fewer than 29,000 vehicles in India.
The sale comes as SAIC, a joint venture partner with GM in China, seeks to build its presence in India. ET says GM has indicated it will decide by May whether to wind down its operations in the country.
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