Govt Rejects Chinese BYD-Megha Engineering's USD 1 Bn Proposal To Set Up EV plant outlookindia.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from outlookindia.com Daily Mail and Mail on Sunday newspapers.
New Delhi: The government has rejected a USD 1 billion investment proposal of Chinese electric car maker BYD and its Hyderabad-based partner Megha Engineering and Infrastructures Ltd (MEIL) to set up an electric vehicle manufacturing plant, sources said.
Domestic infra major MEIL and BYD s joint venture proposed to set up an electric vehicle (EV) manufacturing plant in Telangana with a joint
India rejected Chinese carmaker BYD Co.’s proposal to build a $1 billion electric-vehicle plant in partnership with a local company, according to people with knowledge of the matter. The Indian government dismissed the plan from BYD and Hyderabad-based Megha Engineering and Infrastructures Ltd. on national security concerns, the people said,…
The two companies had in their application to the Department for Promotion of Industry and Internal Trade (DPIIT) proposed to set up an electric vehicle plant in Hyderabad. The DPIIT had sought opinions from other departments on the investment proposal.