Renault-Nissan halt `5,000 crore investment in India: report
The auto makers have asked the govt to intervene to help them recover `1,900 crore in investment promotion subsidies and `2,700 crore of tax refunds
New Delhi: Renault SA and Nissan Motor Co. have halted plans to invest ₹ 5,000 crore in India because of payments the companies say they are owed by the Tamil Nadu state government, the Hindustan Times reported.
The auto makers, which jointly own a plant in Chennai in Tamil Nadu, have asked the central government to intervene to help them recover ₹ 1,900 crore in investment promotion subsidies and ₹ 2,700 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
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