According to the Economic Times report, India rejected BYD company and Hyderabad Megha Engineering and Infrastructure Limited cooperation in India to invest 1 billion U.S. dollars to set up a factory proposal.
India’s Ministry of Commerce, Industry and Internal Trade Promotion (DPIIT) has sought the views of other departments on the investment proposal. An Indian official said, “During the deliberations, security concerns were raised about Chinese investment in India.”
It was previously reported that BYD and Hyderabad Megha were to form an electric vehicle joint venture, with the long-term plan being to produce the full range of BYD’s electric vehicles in India, including all models from hatchbacks to luxury cars.
According to Reuters, if the investment plan for India is approved, BYD will officially enter all major global auto markets except the United States.
