NEW DELHI, April 10 SAIC Motor Corp
has not signed any formal agreement with General Motors
to take over the latter's car plant in the western Indian state
of Gujarat, the Chinese automaker said in a statement on Monday.
SAIC has signed a term sheet to evaluate buying the plant
but the deal is subject to General Motors securing all
government approvals and settling pending labour issues, SAIC's
chief India representative, P Balendran said in the statement.
General Motors has two plants in India and it said in 2015
it planned to stop production at one of its plants in Halol town
in Gujarat state as it consolidates operations at one location.
SAIC has been in discussion to buy this plant.
"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," Balendran said.
(Reporting by Aditi Shah; Editing by Swati Bhat)