CURRENT AFFAIRS

Detailed explanation-1: -In June 2020, after striking a deal with General Motors (GM) to buy its shuttered 300-acre manufacturing plant in Maharashtra’s Talegaon for $300 million, GWM signed an MoU with the Maharashtra government reaffirming its commitment to invest $1 billion in phases.

Detailed explanation-2: -GWM had plans to invest $1 billion in India but failed obtain regulatory approvals from the government. China-based Great Wall Motors (GWM) has abandoned its India plans. Reports suggest that the company has shut down its offices and has laid-off all 11 Indian employees. GWM had plans to invest $1 billion in India.

Detailed explanation-3: -However, you can take the taxi to Bengaluru airport, fly to Beijing Capital, take the walk to Beijing Capital Airport T2, take the subway to Dongzhimen, take the walk to Dongzhimen Bus Station, take the bus to Huairou Beidajie, take the bus to Mutianyu Roundabelt, then take the walk to Great wall of China.

Detailed explanation-4: -This marks GWM’s exit from the Indian Automotive market for now. With GWM’s exit also goes the Rs 7, 895 crore manufacturing project that was planned to be set up at General Motors plant in Talegaon, Pune and thousands of jobs.

Detailed explanation-5: -The move comes after GWM failed to make investments to expand operations in the country, for reasons stemming from prolonged tensions between India and China.