Great Wall Motors, China’s largest SUV maker, is close to acquiring General Motors’ (GM) manufacturing facility in Maharashtra for up to $300 million (Rs 2,162.6 crore at current exchange rate), people in the know told The Economic Times.
As part of the plans for its India entry, Great Wall might sign the formal agreement by the end of the month.
The deal may offer Great Wall a quick entry into India by 2021. Despite its exit from the local market, US carmaker GM has been using the facility for exports.
Great Wall has firmed up its India plans after the success of another Chinese company, SAIC Motor, whose MG Motor unit started selling an SUV here in last July.
One of the persons mentioned above said that Great Wall was expected to adopt a top-down approach and showcase a C segment SUV at the Auto Expo.
Meanwhile, Warbug Pincus, Prudential, Capital International, GIC and Temasek are keen on investing in Bharti Airtel through a qualified institutional placement (QIP), persons in the know told CNBC-TV18.
The QIP may launch in a few weeks, added the persons, as shareholders of Airtel have okayed proposals to raise up to $2 billion in equity and another $1 billion in debt.
Temasek and GIC alone are looking at investing $500 million (Rs 3,600 crore at current exchange rate) each, said the persons, asking not to be named.
