the magazine loaded
Japanese car Nissan Motor has sued India for unpaid public incentives of more than $770 million, Reuters reported.
In a legal opinion sent to Prime Minister Modi, Nissan requested payment of incentives due to the Government of Tamil Nadu from a 2008 agreement to establish a car production plant in the state.
Auto Major said today that he is committed to competing with the Indian government in the dispute.
Reuters reported that legal opinion indicates that Nissan had in the past asked TN state officials to make the payment, due in 2015, several times. But, every time the state has overlooked the problem.
“In March 2016, the company’s president, Carlos Ghosn, met with Prime Minister Modi to request assistance/assistance, but he also failed to get results,” the memorandum adds.
Tamil Nadu recently faces several other problems, the recent high is Cyclone Ockhi, which killed 8 other people in the state.
In 2015, when Tamil Nadu had to pay all dues to Nissan, the state hit unprecedented rains and flooding, killing more than 340 people. The DMK blamed the state government, led through Jayalalithaa, for the floods.
Political turmoil, following the death of former lead minister Jayalalithaa last year, can also be a challenge that requires priority from state officials.
However, after receiving legal advice from Nissan, government officials and several other departments relied on the automotive giant that payment would be made and asked the automaker to take legal action in opposition to state officials.
“There are no discrepancies as to the amount owed, and we are dealing with the issue,” Reuters told me that an official was mentioned.
On the 2008 agreement:
In 2008, Nissan and its global alliance partner, French carmaker Renault, agreed to invest in the status quo of a car plant in Chennai, to which the state government promised that the company would gain advantages from various incentives, adding tax refunds.
Nissan and Renault invested 61 billion rupees ($946 million) over a seven-year period, allowing them to obtain incentives in 2015. But the state did provide the company with the promised tax incentives and refunds.
The company then sent an ultimatum to tamil Nadu state officials in August 2017 asking for its reaction to the fees, however, the state ignored the company’s application.
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