general motors: GM deal to sell Talegaon plant to China’s Great Wall Motor collapses

General Motors’ deal to sell Talegaon plant to China’s largest SUV maker Great Wall Motor has collapsed. The company will now start scouting for suitors as the term sheet for the exclusive binding agreement for sale between the two expired on Thursday.

With the $1 billion Great Wall Motors proposal stuck over lack of FDI clearance for over two years, the company has been compelled to look at alternatives, even as it fights out a legal battle with the employees for sale.

Great Wall Motor will join the likes of Changan, Haima and Chery who had serious plans to enter India but had to drop their plan due to geopolitical challenges.