Government of India to show green signal to 45 Chinese investments: Report
New Delhi: The government of India is set to clear 45 Chinese investment proposals including Great Wall Motor and SAIC Motor Corp, media report says. The New Delhi government has been restricted the Chinese investment proposals last year in the view of a dispute with the Chinese soldiers at Ladakh border.
China blamed Indian troops for the standoff.
According to a media report – The government of India has put around 150 Chinese investment proposals on hold – worth more than USD 2 billion.
The government may approve the proposals of the manufacturing sector, which is considered non-sensitive in terms of national security. Great Wall and SAIC companies are likely to get the nod from the government, sources said.
Great Wall and General Motors (GM) made a joint proposal last year seeking consent for the Chinese automaker to purchase the US company’s car plant in India, in a deal expected to be valued at around $250-$300 million.
Great Wall Company may invest around USD 1 billion in India in next few years and it had planned to start selling cars in India from this year, and was also mulling bringing in electric vehicles, Sources added.
Spokesperson of the Great Wall said “It continues to seek relevant approvals and investment clearances. Should we be granted all relevant approvals, we will push all work forward in India, abiding by the laws and rules laid down by the Indian government.”
In 2019 in India, SAIC started selling cars under its British brand MG Motor and invested around USD 400 million of the nearly $650 million it has committed to India.
SAIC had requested the GOI to bring more investments and other Chinese investments may get nod in three categories depending on the risk to national security, according to sources.
Proposals from non-sensitive sectors will be approved faster, while those seen as ‘sensitive’ will be reviewed later, one of the government sources said.
_Vinayak
