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Investments - India - GM gives up bid for Daewoo India plant
MUMBAI, India -Reuters/Boston.com.News-Oct 7, 2005: -- General Motors Corp. is giving up a bid to buy a Daewoo car plant in India after waiting three years for a debt settlement that never came, a spokesman for the U.S. company said on Friday... The world's largest car maker had hoped to buy the plant to make a small car, but there has been a long battle over dues owed to customs officials and creditors that local media put at nearly 30 billion rupees ($676 million)... GM competes with the local units of Ford Motor Co., Hyundai Motor Co., Toyota Motor Co., and Honda Motor Co., besides top Indian car maker Maruti Udyog Ltd. and Tata Motors Ltd....
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