NexOptic Technology Corp (TSXV: NXO)
You’ll Never See The World The Same Way Again
Chinese carmaker Great Wall Motors plans to acquire a General Motors factory in India as it looks to tap the world’s fifth-largest auto market.
Great Wall and GM have penned a letter of intent to transfer ownership of a plant in Talegaon Dabhade, Maharashtra state, The Paper reported, adding that the deal still needs regulatory approval. It did not disclose financial details.
Great Wall has not made a filing announcing the deal to the Shanghai Stock Exchange but its shares [SHA:6016033] were still up 1.7 percent at CNY8.89 (USD1.30) as of 2.48 p.m., outpacing the bourse’s benchmark that had risen 0.5 percent as of the same time.
Great Wall plans to debut its Haval brand and electric vehicles at the Auto Expo 2020 in New Delhi next month, Vice President of Strategy Liu Xiangxiang said, adding that the investment should create more jobs in Talegaon and improve local workforce skills while stimulating development of supporting facilities, research and related industries in the area. It will also result in more tax revenue for the Indian federal government and Maharashtra state government, Liu said.
The pair expect to complete the transaction in the second half, making the Talegaon factory Great Wall’s second outside of its home country behind a facility in Tula, Russia. It will be the firm’s 10th full-process vehicle factory.
Source: yicaiglobal.com
