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Renault SA and Nissan Motor Co. have halted plans to invest Rs5,000 crore ($756 million) in India because of payments the companies say they are owed by the Tamil Nadu state government, the Hindustan Times reported.
The automakers, which jointly own a plant in Chennai in Tamil Nadu, have asked the central government to intervene to help them recover Rs1900 crore in investment promotion subsidies and Rs2700 crore of tax refunds, the newspaper reported Saturday, citing a letter written by Renault Nissan Automotive India Pvt. to Amitabh Kant, the secretary of the department of industrial policy and promotion in New Delhi.
Ghazal Javed, a spokesman for Nissan’s India unit, and Dheeraj Rai, a spokesman for Renault’s India unit, didn’t answer calls to their mobile phones and didn’t respond to messages requesting comment. Bloomberg
http://www.livemint.com/Companies/V...lt-Rs5000-crore-investment-in-India-repo.html
The automakers, which jointly own a plant in Chennai in Tamil Nadu, have asked the central government to intervene to help them recover Rs1900 crore in investment promotion subsidies and Rs2700 crore of tax refunds, the newspaper reported Saturday, citing a letter written by Renault Nissan Automotive India Pvt. to Amitabh Kant, the secretary of the department of industrial policy and promotion in New Delhi.
Ghazal Javed, a spokesman for Nissan’s India unit, and Dheeraj Rai, a spokesman for Renault’s India unit, didn’t answer calls to their mobile phones and didn’t respond to messages requesting comment. Bloomberg
http://www.livemint.com/Companies/V...lt-Rs5000-crore-investment-in-India-repo.html
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