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Business News/ Companies / Renault-Nissan halt `5,000 crore investment in India: report
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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

Photo: Ramesh Pathania/MintPremium
Photo: Ramesh Pathania/Mint

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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Published: 29 Aug 2015, 01:44 PM IST
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