M&M denies auto JV with China – report [Yahoo! Finance]
GREAT WALL MOTOR CO ADR (GWLLY)
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Source: Yahoo! Finance
plant in India and are awaiting New Delhi's approval, unnamed sources told Reuters. A majority stake in the proposed manufacturing venture would be owned by Mahindra, two sources told Reuters, and was proposed to be set up in prime minister Narendra Modi's home state of Gujarat. In a stock exchange statement after the report was published, Mahindra said: "The article is unfounded and there is no truth in the matter." The proposal included building an export oriented, integrated manufacture hub for assembled cars as well as engines and car batteries, the sources told the news agency. Mahindra had sought government approval for the Chinese investment, the sources said. India's commerce, heavy industries and foreign affairs ministries did not immediately reply to a Reuters request for comment and the Chinese company did not return calls or other forms of contact. Reuters noted Indian government approval had been necessary for any Chinese investment into the country since 2020
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