 "SAIC")
China's Shanghai Automotive Industry Corp (SAIC) today clarified that it had signed a term sheet to evaluate General Motors India's Halol plant near Vadodara, but no formal agreement had been signed.
"SAIC has not signed any formal agreement with GM for the Halol plant. A few months ago, SAIC signed a term sheet to evaluate the plant, which has been conveyed in a filing to Shanghai Stock Exchange, SAIC being listed there," an SAIC spokesperson said.
"SAIC's Halol plant deal is subject to GM's submission of all government approvals and settlement of labour and all other pending issues by GM," the
