New Delhi/Seoul, Sept. 21 :    New Delhi/Seoul, Sept. 21:  Daewoo India has been cut out of the deal under which General Motors of the US will acquire four plants of Daewoo Motor Company, the ailing Korean automaker, for $ 400 million in cash. A memorandum of understanding was signed today in the Korean capital between GM and the Korean banks under which the four plants-two in South Korea and one each in Egypt and Vietnam-will be transferred to a new company in which GM will have a 67 per cent stake. The new company will also take over the assets of 22 sales subsidiaries worldwide. The Korean banks will hold the remaining 33 per cent. The agreement, which took a year to negotiate, involves a cash injection, assumed debt and the issuance of preferred shares. Reports indicate that GM and the Korean banks will invest about $ 2.6 billion in the four Daewoo Motor plants. General Motors and one of its partners will inject $ 400 million for 67 per cent of the new company, with creditors spending $ 197 million for the rest, the world's largest automaker said in a statement. In Delhi, Daewoo Motors India Ltd (DMIL) tried to downplay the obvious disappointment at being left out of the deal. 'India was there on their list. In the first phase of understanding, they have placed certain conditions for the manufacturing plant here. This particular deal will have to be finalised by Daewoo Corp who holds 91.6 per cent in DMIL and not Daewoo Motors Creditors Committee,' DMIL officials said. 'Currently, negotiations are still on between Daewoo Corporation and GM and a positive decision is expected soon,' DMIL said in a late night press statement. P. Balendran, GM India's vice-president, corporate affairs, said, 'In India for the present, Daewoo and General Motors (GM) will share a product launching platform. Any new product will be launched with the agreement of both the parties. GM will continue to supply parts, components and technical assistance from the new company to all the overseas plant it has not acquired, including India.'