Nissan Sues India Over Outstanding Dues; Seeks Over $770M
Japanese automaker Nissan Motor has begun international arbitration against India to seek more than $770 million in a dispute over unpaid state incentives, according to a person familiar with the matter and documents reviewed by Reuters.
In a legal notice sent to Prime Minister Narendra Modi last year, Nissan sought payment of incentives due from the Tamil Nadu government as part of a 2008 agreement to set up a car manufacturing plant in the southern state.
According to the notice, Nissan said repeated requests to state officials for the payment, due in 2015, were overlooked and even a plea by the company’s chairman, Carlos Ghosn, to Modi in March of last year seeking federal assistance did not yield any results.
The notice, sent by Nissan’s lawyers in July 2016, was followed by more th...