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India rejects $1 billion Chinese investment in electric vehicle production KXan 36 Daily News

Date: May 26, 2024 Time: 05:34:19

BYD was specified to build a joint venture with Megha Engineering and Infrastructures, based in Hyderabad, India. Among other things, the project included the construction of charging stations throughout the country, research and development centers.

However, Bloomberg claims that the Indian authorities rejected the earlier proposal due to national security concerns. In particular, it is explained that in this context we are talking about the need, in case of a positive decision, to use Chinese technologies on the territory of India.

At the same time, the newspaper notes, in most cases the approval of the Indian regulatory authorities is not required for the implementation of foreign direct investment (FDI) in the country. However, this precedent is an exception, since “investment proposals coming from states sharing a common border with India must be coordinated with the ministries of Foreign Affairs and Home Affairs.”

In this context, it is noted that representatives of these companies, the ministries of heavy industry, as well as the interior and finance of India, refrained from commenting to the agency.

Since fiscal year 2021, India has rejected 58 FDI proposals from Chinese companies or individuals, according to a report by India’s Business Today. At the same time, in fiscal year 2022, 33 failures were recorded, which was a record number.

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Hansen Taylor
Hansen Taylor
Hansen Taylor is a full-time editor for ePrimefeed covering sports and movie news.

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