ALBAWABA – The Indian government has rejected a proposal from the Chinese automaker Build Your Dream (BYD) to build a factory in India, Reuters reported Sunday, via the Economic Times.
The proposal entailed the construction of a $1 billion factory, in partnership with Hyderabad-based Megha Engineering and Infrastructure Ltd, the news agency reported.
The news was first reported earlier this month by Reuters, entailing a BYD bid to build electric cars and batteries factories in India.
However, Reuters could not independently verify the contents of The Economic Times' report.
India's Department of Commerce, Department for Promotion of Industry and Internal Trade (DPIIT) had sought opinions from other departments on the investment proposal, the report said.
"Security concerns with respect to Chinese investments in India were flagged during the deliberations," the report quoted an Indian official as saying.
