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India rebuffs China firm’s offer to build $1 billion auto factory

NEW DELHI, India: The Economic Times has reported that India has rejected a proposal worth $1 billion by Chinese automaker BYD to build a factory in India, in partnership with Megha Engineering and Infrastructure.

This month, Reuters also reported that BYD, in partnership with a local company, submitted a $1 billion investment proposal to build electric cars and batteries in India.

India’s Department of Commerce, Department for Promotion of Industry and Internal Trade (DPIIT) was reported to have asked for feedback from other departments on the investment proposals.

“Security concerns with respect to Chinese investments in India were flagged during the deliberations,” the department was reported to have said.

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