GM faces unexpected bills as India-China tensions delay sale of India plant: sources [Reuters]
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Source: Reuters
GM faces unexpected bills as India-China tensions delay sale of India plant: sources By Aditi Shah , Ben Klayman 4 Min Read NEW DELHI/DETROIT (Reuters) - Delays to General Motors' GM.N sale of its Indian plant to Great Wall Motor 601633.SS due to tensions between India and China are likely to result in hefty unplanned costs for the U.S. automaker, people familiar with the matter said. Gaining Indian government approval for China-related deals is now expected to take quite some time and although the sale should still happen at some point, GM has not changed its plan to begin winding down the plant’s operations next month, they said. “By next year, it will either be a closed GM site or it will be an operating site with Great Wall,” said one source. GM had planned to use the expected sale proceeds of $250 million-$300 million to pay off liabilities incurred with its exit from manufacturing in India in what a second source said would have been a “no gain-no loss” situation. Alt
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