India rejects BYD’s $1 billion factory proposal, Economic Times reports

india-rejects-byd’s-$1-billion-factory-proposal,-economic-times-reports
India rejects BYD’s $1 billion factory proposal, Economic Times reports

India has turned down a proposal from Chinese automaker BYD Co (002594.SZ) to establish a $1 billion factory in India in collaboration with Megha Engineering and Infrastructure Ltd, a company based in Hyderabad, according to the Economic Times. Earlier this month, RushHourDaily reported that BYD had submitted a $1 billion investment proposal to manufacture electric cars and batteries in India with the help of a local partner. The contents of The Economic Times’ report could not be independently verified by RushHourDaily. The report stated that India’s Department of Commerce and Department for Promotion of Industry and Internal Trade (DPIIT) sought opinions from other departments regarding the investment proposal. During the discussions, an Indian official raised concerns about security in relation to Chinese investments in India. The article was written by Sarita Chaganti Singh and edited by Jason Neely. The Thomson RushHourDaily Trust Principles apply.

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