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India has rejected BYD’s offer to set up an electric vehicle (EV) factory worth one billion dollars in the country, in partnership with local company, Megha Engineering and Infrastructure, the Economic Times reported on Saturday.
“Security concerns with respect to Chinese investments in India were flagged during the deliberations,” the report quoted an Indian official.
India’s Department of Commerce, Department for Promotion of Industry and Internal Trade (DPIIT) had sought opinions from other departments on the investment proposal, the report mentioned.
BYD and Megha were also planning to install charging stations in India and build research, development, and training centers.
