24705
Renault, Nissan Halt India Investment
Economy, Auto

Renault, Nissan Halt India Investment

Renault and alliance partner Nissan Motor Co. have halted plans to invest 50 billion rupees ($756 million) in India because of payments the companies say they are owed by the Tamil Nadu state government.
The automakers, which jointly own a plant in Chennai in Tamil Nadu, have asked the central government to intervene to help them recover 19 billion rupees in investment promotion subsidies and 27 billion rupees of tax refunds, the newspaper reported Saturday.
The report cited a letter written by Renault Nissan Automotive India to Amitabh Kant, secretary of the Department of Industrial Policy and Promotion in New Delhi, Bloomberg reports.
Ghazal Javed, a spokesman for Nissan's India unit, and Jatin Aggarwal, a spokesman for Renault's India unit, did not respond to messages requesting comment.
Earlier this month, the two automakers said they plan to cut several hundred jobs in India and reduce production at the Chennai plant.
The plant builds Renault, Nissan and Datsun brand vehicles, including the Duster SUV and Lodgy minivan sold under the Renault brand, along with the Nissan Micra hatchback and Terrano SUV.
The shock announcement comes after Renault recently announced their new Kwid low-cost small SUV vehicle for the Indian domestic market. Renault previously said that the Kwid would be their main vehicle for the Indian market, but did not announce where the car would be produced.

 

Short URL : https://goo.gl/S0ZLas
  1. https://goo.gl/3pjflN
  • https://goo.gl/DdZyAg
  • https://goo.gl/RVIgMZ
  • https://goo.gl/bLkrhL
  • https://goo.gl/oGrO5C

You can also read ...

Economic War on Iran Is War on Eurasia Integration
Hysteria reigned supreme after the first round of US sanctions...
German Rail Operator, Deutsche Telekom End Iran Projects
German rail operator Deutsche Bahn and Deutsche Telekom are...
Decline in Forex  Rates Expected
While the foreign exchange rates are still considered bullish...
Emirati Paper: Baghdad Expected to Maintain Strong Economic Ties With Tehran
Iraq’s ties with Iran are likely to grow stronger as a result...
 New ATR Planes Join Iran Air Fleet
The ATR 72-600 planes recently delivered to Iran Air have...
NZ Exporters Wary of Rising  US-Iran Trade Tensions
New Zealand exporters are looking to worsening US-Iran...
 TPO Clarifies Import Ban List to Foreign Traders
The recent ban imposed on the import of certain products has...
Australian Teen Hacked Apple’s Computer Network
An Australian teenager has pleaded guilty to hacking into the...

Trending

Googleplus