China charts out ₹7,000-cr plan for Indian auto sector
Irrespective of the fact that the Indian auto market is going through one of its worst slowdowns, China’s largest SUV maker, Great Wall Motors, has registered an Indian subsidiary and is planning to invest about ₹7,000 crore in the country. It has sought an appointment with PM Narendra Modi for its chairman Wei Jianjun and a formal announcement will be after that. The investment plans will immensely help the country’s construction and infra sector in about half a dozen states where the offshore player is planning to set up its research & development centres and also manufacturing facilities. The company has been scouting sites in Maharashtra, Gujarat, Karnataka, Andhra Pradesh and Tamil Nadu. Maharashtra has emerged as the strongest contender, followed by Gujarat as the company is looking at both greenfield and brownfield options in these states. The Indian subsidiary, Haval Motor India, with its office in Gurgaon, was registered before October, which means it won’t be eligible for the low corporate tax rate of 15% (17.01% with surcharge) for new manufacturing units announced by the government last month.
📅Published on:
11 November 2019
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