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China's SAIC says not signed formal agreement to buy GM's India plant

China's SAIC says not signed formal agreement to buy GM's India plant

Monday, April 10, 2017, 8:47 PM

SAIC Motor Corp has not signed any formal agreement with General Motors to take over the latter's car plant in the western Indian state of Gujarat, the Chinese automaker said. SAIC has signed a term sheet to evaluate buying the plant but the deal is subject to GM securing all government approvals and settling pending labour issues, SAIC's chief India representative, P Balendran said.
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