No agreement signed with GM to purchase its Halol plant: SAIC Motor Corporation 

SAIC Motor Corporation has denied reports that it has signed an agreement with General Motors to take over its car manufacturing plant in Halol, Gujarat. It is learnt that SAIC is interested in purchasing the Halol plant, but without any existing liability. 

As per a statement issued today by P Balendran, Chief India Representative, SAIC Motor Corporation, “SAIC has not signed any formal agreement with GM for the Halol Plant. Few months back, SAIC signed a term sheet to evaluate the Halol Plant which has been conveyed in a filing to Shanghai Stock Exchange, SAIC being a listed company there. SAIC's Halol Plant deal is subject to GM’s submission of all government approvals, settlement of labour and all other pending issues by GM. However, S‎AIC's decision to enter into the Indian market remains unchanged and the company continues to evaluate various options to set up a car manufacturing plant in India as early as possible."