India says no to BYD's investment | World Business Watch
Edited By WION Video Desk
Published: Jul 24, 2023, 05:45 IST | Updated: Jul 24, 2023, 05:45 IST
In a major setback, India has rejected Chinese EV maker BYD's proposal to set up a 1 billion dollar plant. The EV maker had a proposed a joint venture with a Hyderabad-based company. Earlier this month, the BYD submitted a plan to the Indian Government, seeking permission to build EVS and car batteries with Megha Engineering & Infrastructure ltd. Reports suggest that security concerns over Chinese investments could be the reason behind India's blocking the deal.
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