On Friday, General Motors (GM) called off the sale of a shuttered Indian plant to China’s Great Wall Motor after they failed to obtain regulatory approvals, amid a more rigid stance by New Delhi towards investments from Beijing.

The deal was stuck on January 2020 to sell the Great Wall plant with a Chinese SUV maker, which was expected to pay up to $300 million as part of a broader plan to invest $ 1 billion to establish India’s growing car market.

The extension given for the agreement was twice but expired on June 30.

“We have been unable to obtain the required approvals within the time frame of the deal,” George Svigos, executive director, communications, GM International, media reported.

“Our strategy in India remains unchanged, and we will now explore further options for the sale of the site,” he said, adding the company “hopes to achieve a price that reflects the value of the asset”.

Both the companies did not reply instantly to email seeking comment.