Government: A $1 billion four-wheeler manufacturing plant proposed by Chinese electric vehicle (EV) giant BYD Motors was reportedly denied by the Centre, even as the government prepared to welcome Elon Musk’s Tesla to establish a supply chain ecosystem in the nation in the near future.
Government rejects BYD Motor’s plan
BYD and Megha Engineering and Infrastructures presented a request for the same earlier this month to the Department for Promotion of Industry and Internal Trade (DPIIT).
The DPIIT then asked other government departments for their opinions on the investment proposal.
“Security concerns with respect to Chinese investments in India were flagged during the deliberations,” a representative told ET.
Another official said: “Existing rules in India do not allow such investments.”
Investment details
According to sales, BYD, the leading manufacturer of electric vehicles in the world, promised to produce 10,000–15,000 electric cars annually in its plan. Roads, bridges, and power plants have all been built by Megha Engineering and Infrastructures, an infrastructure corporation with its headquarters in Hyderabad.
As BYD invested in technology and expertise, Megha provided the necessary funding.
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