GWLLF - General Motors ends bid to sell plant in India to Great Wall

General Motors Company ( NYSE: GM ) announced that it finally called off the sale of a shuttered plant in India to Great Wall Motor Company ( OTCPK:GWLLF ) after the deal was already delayed twice while waiting for the required regulatory approval to be obtained.

A tougher stance from the Indian government on investments from Beijing is believed to be part of the issue.

The Detroit automaker originally struck the deal to sell the plant in 2020 for an amount as high as $300M. The site could have been used by Great Wall to make electric vehicles or gas-powered vehicles.

India was going to be part of Great Wall's strategy to break enter new markets.

For its part, General Motors ( GM ) said its strategy in India is unchanged and it will look for further options to sell the site.

Earlier this year, Tesla placed its electric vehicle plans in India on hold.

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