The Strategist

India rejects Chinese BYD's proposal to invest $1bn in electric car production



07/25/2023 - 03:38



The Indian government decided to reject the proposal due to concerns about national security, Bloomberg writes.



Håkan Dahlström
Håkan Dahlström
The proposal presented on July 14 by Indian Megha Engineering and Infrastructures and Chinese automaker BYD to jointly develop a $1 billion business was rejected by Indian regulators. 

These sources claim that the Indian government rejected the joint plan due to national security concerns regarding the usage of Chinese technology on Indian soil.

The agency notes that foreign direct investment typically does not need regulatory permission. The exemption in this instance is the need that "investment proposals from countries sharing a border with India must be cleared with the ministries of foreign and home affairs."

source: bloomberg.com




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