Rediff.com  » Business » Maha puts on hold 3 Chinese projects after Ladakh clash

Maha puts on hold 3 Chinese projects after Ladakh clash

Source: PTI  -  Edited By: Roshneesh Kmaneck
June 22, 2020 17:00 IST
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There will be status quo with regard to the Memorandum of understanding, worth more than Rs 5,000 crore, the Maharashtra government had signed with three Chinese companies on June 15, Industries Minister Subhash Desai on Monday, a move that comes in the backdrop of the Ladakh clash.

Desai, however, clarified that the status quo does not mean cancellation of the MoUs relating to projects worth Rs 5,020 crore.

 

According to an official statement, Desai said the state government is awaiting clear policy decision regarding the projects in the present condition.

The relationship between India and China has come under severe strain following a violent face-off between the troops of the two countries in the Galwan Valley in Ladakh, in which 20 Indian Army personnel were martyred.

The MoUs were signed last Monday under the Magnetic Maharashtra 2.0 investor summit, hours before the face-off took place.

There will be status quo with regard to the MoUs signed with Hengli Engineering, PMI Electro Mobility Solutions JV with Photon and Great Wall Motors on June 15, 2020, Desai said, according to the statement.

The three Chinese companies were to invest in projects in Talegaon, an industrial hub in Pune district, an official statement had said earlier.

According to the statement, Hengli Engineering was to invest Rs 250 crore and PMI Rs 1,000 crore in the auto sector.

The Great Wall Motors was to set up an automobile company with an investment of Rs 3,770 crore.

The central governments clear policy (decision) is awaited in the present condition in connection with the projects worth Rs 5,020 crore, the minister said.

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Source: PTI  -  Edited By: Roshneesh Kmaneck© Copyright 2020 PTI. All rights reserved. Republication or redistribution of PTI content, including by framing or similar means, is expressly prohibited without the prior written consent.
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