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CAIT urges Maharashtra govt to cancel MoUs with 3 Chinese firms

Traders' body CAIT on Friday urged the Maharashtra government to cancel its agreements with three Chinese firms signed earlier this week in the wake of clashes between Indian and Chinese troops in the Galwan Valley of Ladakh.

Siddhartha Singh

Siddhartha SinghBy Siddhartha Singh

Published on 20 Jun 2020 10:56 AM GMT

CAIT urges Maharashtra govt to cancel MoUs with 3 Chinese firms
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CAIT urges Maharashtra govt to cancel MoUs with 3 Chinese firms
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New Delhi: Traders' body CAIT on Friday urged the Maharashtra government to cancel its agreements with three Chinese firms signed earlier this week in the wake of clashes between Indian and Chinese troops in the Galwan Valley of Ladakh.

"We hope you will take an immediate decision to cancel the MoUs with the three Chinese companies. This step by you will be in consonance with the current mood of the nation and propriety demands that the elected governments stand in solidarity with national sentiments," Confederation of All India Traders (CAIT) said in a communication to Maharashtra Chief Minister Uddhav Thackeray.

Three Chinese firms are among the 12 companies from different countries with which the Maharashtra government has signed MoUs collectively worth Rs 16,000 crore.

The investment of the three Chinese companies is collectively worth over Rs 5,000 crore, a statement has said.

The MoUs were signed on Monday under the 'Magnetic Maharashtra 2.0' hours before the violent face-off between Indian and Chinese troops in the Galwan Valley in Ladakh, in which 20 Indian Army personnel were martyred.

All the three Chinese companies- Hengli Engineering, PMI Electro Mobility Solutions JV with Photon and Great Wall Motors will invest in Talegaon in Pune district.

Hengli Engineering will invest Rs 250 crore, PMI will invest Rs 1,000 crore in the auto sector, it said, adding that Great Wall Motors will set up an automobile company with investment of Rs 3,770 crore.

(PTI)

Siddhartha Singh

Siddhartha Singh

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