- Maharashtra government puts a hold on investments to the tune of Rs 5,000 crore
- The move to freeze investments is due to the ongoing issue at Galwan Valley in Ladakh
The Maharashtra government has reportedly put a hold on the investment plans of Great Wall Motors (GWM). The move to freeze the investment comes after the ongoing issue between the Indian army and Chinese troops at Galwan Valley in Ladakh.
According to the report, the government has put on hold three investments in the region including GWM, BeiqiFoton Motor and Hengli engineering, the total value of these projects amounting to Rs 5,000 crore. GWM had recently signed a MoU with the local government where it announced an investment of 1 billion USD for the company’s manufacturing unit in Talegaon, a move that would also result in employment for more than 3,000 people in a phased manner.
“The decision has been taken in consultation with the Union government. These were signed prior to the killing of 20 Indian soldiers on the Indo-China border. The ministry of external affairs has advised not to sign any further agreements with Chinese companies,” said Subash Desai, industry minister while speaking to The Times of India. We have reached out to GWM and will update the story as soon as we receive a response.