Economy News

India confirms clearance of 45 investments from China including Great Wall and SAIC

According to reports, India will clear 45 investment proposals from China, which includes those from Great Wall Motor and SAIC Motor Corp.

This is due to military tensions between the two countries easing at the disputed border.

Moreover, these proposals were with held since last year as India imposed strict control on Chinese investment in the country.

This was in response to the Chinese troops invading the western Himalayan region.

So far, about 150 investment proposals from China worth $2 billion were pending.

However, two government sources stated that around 45 proposals set for early approval belong to the manufacturing sector.

This is regarded as non-sensitive in terms of national security.

Further, it is assumed that proposals from Great Wall and SAIC are on the list.

Last year, Great Wall and General Motors offered a joint proposal seeking approval for purchase of U.S. company’s car plant in India.

The deal is however worth $250 to $300 million.

Establishing and expanding operations in India is a salient part of its global strategy as per Great Wall.

It aims to invest $1billion in the country over a span of the next few years.

Earlier, it had planned to sell cars in India and also considered bringing in electric vehicles.

Currently, Great Wall is focusing on getting relevant approvals and investment clearances from the government.

Meanwhile, SAIC has invested around $400 million out of the $650 million it has committed to India.

It will require government’s approval for further investment.

Proposals from sensitive sectors which compromise of data and finance will take more time to get government’s review and approval.


Check all the recent news updates and share market updates


 

Get 90% Discount on Brokerage Now! Open Demat Account