NEW DELHI :China's Great Wall Motor has shelved plans to invest $1 billion in India and laid off all employees at its operations there after failing to obtain regulatory approvals, three sources with direct knowledge of the matter said on Friday.
Great Wall's India entry plan was announced with great fanfare during the country's biennial auto show in January 2020. India was a key market for the Chinese SUV manufacturer's global expansion plans and the company had envisioned a plant that would be its biggest outside China. The sources, who declined to be named, said that Great Wall laid off about a dozen employees at its Indian business on Friday after telling them it had failed to obtain foreign direct investment approval from the government to buy a former General Motors plant in the country.
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