- Investment by Great Wall Motors amongst the three put on hold
- Investments totalling Rs 5,020 crore from Chinese companies affected
In the wake of the recent face-off between the Indian and Chinese troops in the Galwan Valley in Ladakh, the Maharashtra government has put three recently announced Chinese investments including Great Wall Motors, BeiqiFoton Motor and Hengli Engineering on hold.
“The decision has been taken in consultation with the Union government. These were signed prior (to the killing of 20 Indian soldiers on the Indo-China border). The ministry of external affairs has advised not to sign any further agreements with Chinese companies,” said industry minister Subhash Desai, who has been quoted in a Times of India report.
One of the major investments in the automotive segment was from Great Wall Motors, which announced a Rs 3,770 crore investment…