Showing posts with label Nissan. Show all posts
Showing posts with label Nissan. Show all posts

Nissan is seeking $770 million from India over non-payment of promised incentives



Reuters reports. The Japanese carmaker has initiated international arbitration and a legal notice was sent to Prime Minister Narendra Modi last year. Nissan was assured investment protection subsidy, largely in the form of tax refunds, under its 2008 deal to manufacture cars in Tamil Nadu. Nissan’s lawyers say the payment was due in 2015. The first arbitration hearing is scheduled to be held later this month, but the Tamil Nadu government is now hoping for an out-of-court settlement