India Rejects $1 Billion Bid By Chinese Carmaker To Set Up EV Factory: Report
NDTV
The government dismissed the plan from BYD and Hyderabad-based Megha Engineering and Infrastructures Ltd. on national security concerns.
India rejected Chinese carmaker BYD Co.'s proposal to build a $1 billion electric-vehicle plant in partnership with a local company, according to people with knowledge of the matter.
The government dismissed the plan from BYD and Hyderabad-based Megha Engineering and Infrastructures Ltd. on national security concerns, the people said, asking not to be identified as the decision is not yet public. The use of Chinese homegrown technology is a concern, one of the people said.
Foreign direct investment in India's automobile sector doesn't typically require approval. Investment proposals from countries that share a border with India, however, need political and security clearance from the ministries of external and home affairs.
