Great Wall Motors to invest Rs 7,000 cr in Indian market
Great Wall Company will directly compete with Morris Garages in the utility vehicle segment in India.
China's car manufacturing company, Great Wall Motors is likely to invest Rs 7000 crore in the Indian auto sector that is currently facing a slowdown. The company will soon begin work on its manufacturing plants so that it can debut its product by mid 2021.
Great Wall Company will directly compete with Morris Garages in the utility vehicle segment in India. The latter had launched mid-size SUV Hector earlier this year. Apart from this, KIA Motors also made a strong debut in the Indian market as its Seltos became the top-selling car for October 2019.
Great Wall Motors demands for tax exemption
Great Wall is expected to enter the Indian market with its Haval brand of SUVs. It has registered its office in Gurugram before October and will not get the benefit of reduced 15% corporate tax. Finance Minister Nirmala Sitharaman had recently announced an exemption in corporate tax on making new investments in India.
The company has written a letter to the PMO that demands for the exemption of the Corporate Tax. Great Wall is reportedly in touch with five state governments- Maharashtra, Gujarat, Karnataka, Andhra Pradesh, Tamil Nadu to set up their manufacturing plant in India. Last week Maharashtra Industry Department delegation also visited China and held talks with auto company. GW is also expecting some tax exemption from the Maharashtra government.
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