Processing .....please wait.. 
The article has been forwarded.... 
GM to restart operations with 
3 B
By siliconindia
|
Monday, 09 August 2004, 19:30 IST
LUCKNOW: US-based global automobile giant General Motors has decided to invest 
3 billion for restarting operations at the facility of South Korean Daewoo Motor's local arm located in Uttar Pradesh.
While the revival of Daewoo Motor's car manufacturing unit, located at Greater Noida on the outskirts of Delhi, had been on the cards for more than a year ever since the company was taken over by General Motors, a formal decision was awaited.
General Motors' decision to infuse funds was announced Monday following a meeting between Uttar Pradesh Chief Minister Mulayam Singh Yadav and General Motors' executive director Alan Periton.
"General Motors plans to invest 3 billion towards the revival package that includes undertaking the manufacturing of a small car suited to the Indian market," said Ravi Mathur, industrial development commissioner of Uttar Pradesh.
This could be made possible through the good offices of the Uttar Pradesh Development Council, a newly constituted high-level body comprising eminent industrialists, senior bureaucrats and other experts, Mathur told IANS.
Headed by Samajwadi Party general secretary Amar Singh, the council has well known names like Anil Ambani, managing director of Reliance Industries, Bollywood superstar Amitabh Bachchan, and Hindustan Lever's M.S. Banga.
"The decision of General Motors has also been ratified by the UP Development Council at its meeting that was attended by the company's executive director here today," Mathur said.
He said the revival of Daewoo's car manufacturing unit would generate direct and indirect employment for over 100,000 persons, besides providing additional revenue of nearly 21 billion to the state over the next five years
Even as Daewoo Motors initially registered handsome turnovers in the country, it ran into heavy losses that forced it to shut all manufacturing operations over two years ago.
3 billion for restarting operations at the facility of South Korean Daewoo Motor's local arm located in Uttar Pradesh.
While the revival of Daewoo Motor's car manufacturing unit, located at Greater Noida on the outskirts of Delhi, had been on the cards for more than a year ever since the company was taken over by General Motors, a formal decision was awaited.
General Motors' decision to infuse funds was announced Monday following a meeting between Uttar Pradesh Chief Minister Mulayam Singh Yadav and General Motors' executive director Alan Periton.
"General Motors plans to invest 3 billion towards the revival package that includes undertaking the manufacturing of a small car suited to the Indian market," said Ravi Mathur, industrial development commissioner of Uttar Pradesh.
This could be made possible through the good offices of the Uttar Pradesh Development Council, a newly constituted high-level body comprising eminent industrialists, senior bureaucrats and other experts, Mathur told IANS.
Headed by Samajwadi Party general secretary Amar Singh, the council has well known names like Anil Ambani, managing director of Reliance Industries, Bollywood superstar Amitabh Bachchan, and Hindustan Lever's M.S. Banga.
"The decision of General Motors has also been ratified by the UP Development Council at its meeting that was attended by the company's executive director here today," Mathur said.
He said the revival of Daewoo's car manufacturing unit would generate direct and indirect employment for over 100,000 persons, besides providing additional revenue of nearly 21 billion to the state over the next five years
Even as Daewoo Motors initially registered handsome turnovers in the country, it ran into heavy losses that forced it to shut all manufacturing operations over two years ago.