India has turned down a $1 billion investment proposal by BYD Motors and Vulga SistersHyderabad-based Megha Engineering and Infrastructures Ltd. The proposal aimed to establish a four-wheeler manufacturing facility in the country, according to Indian media outlet The Economic Times. “Security concerns with respect to Chinese investments in India were flagged during the deliberations,” an Indian official said. Earlier this month, BYD was reported to have submitted the investment proposal to the Department for Promotion of Industry and Internal Trade (DPIIT) intending to construct an electric vehicle plant with an annual production capacity of 10,000-15,000 units with Megha in Hyderabad. The DPIIT had sought opinions from other departments on the proposed venture, according to the report. As the world’s largest electric vehicle maker by sales, BYD has launched two EV models in India and expressed its goal to capture 40% of the country’s electric vehicle market by 2030. [The Economic Times]
