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India rejects $1bn plan for a four-wheeler plant from Megha-Chinese carmaker BYD
India rejects $1bn plan for a four-wheeler plant from Megha-Chinese carmaker BYD
Published On: 25 July 2023
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BYD and Megha Engineering and Infrastructures submitted a proposal to the DPIIT earlier this month for the construction of a $1 billion four-wheeler manufacturing facility in India. The investment proposal also included BYD and Megha's plans to construct training and R&D facilities as well as charging stations in India. The Center toughened FDI regulations in 2020 and made government clearance necessary for investments coming from nations with which it has a land border.
BYD, the world's largest electric vehicle manufacturer by sales, had proposed producing 10,000-15,000 electric vehicles each year in its proposal.
According to The Economic Times, the Centre has rejected Chinese automaker and battery maker BYD Motors' proposal to establish a $1 billion four-wheeler manufacturing facility in Hyderabad by partnering with Megha Engineering and Infrastructures Ltd (MEIL).
BYD and Megha Engineering and Infrastructures presented a proposal to the Department for Promotion of Industry and Internal Trade (DPIIT) earlier this month.
Following that, the DPIIT solicited feedback on the investment proposal from different government agencies.
"During the deliberations, security concerns regarding Chinese investments in India were raised," an official told ET.
According to another source, "existing rules in India do not allow such investments."
Therefore, India rejects China’s Billion Dollar plan.
BYD, the world's largest electric vehicle manufacturer by sales, had proposed producing 10,000-15,000 electric vehicles each year in its proposal. Megha Engineering and Infrastructures is an infrastructure firm based in Hyderabad that has constructed highways, bridges, and power plants.
Megha provided the finance, while BYD provided the technology and know-how.
The Centre has set a target of 30% electric car sales by 2030 and has established a series of incentives to encourage the use of electric vehicles.
The investment proposal also outlines BYD and Megha's aim to establish charging stations and R&D facilities in India.
BYD already has a foothold in India, where it sells corporate fleets the Atto 3 electric SUV and the e6 electric sedan. In 2023, the business intends to launch its first mass-market electric vehicle in India.
The Narendra Modi-led government altered its foreign direct investment (FDI) policy in April 2020, making government clearance obligatory for ventures coming from nations with which India shares a land border. Such recommendations are decided upon by a committee which is chaired by the home secretary.
BYD previously stated its intention to establish manufacturing in India, the world's third-largest auto market. With the idea, the corporation will compete directly with Tesla, which continues to lead the global market in EV sales.
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