NEW DELHI, July 22 - According to a report by the Economic Times on Saturday, India has declined the proposal from Chinese automaker BYD Co (002594.SZ) to establish a $1 billion factory in the country in collaboration with Hyderabad-based Megha Engineering and Infrastructure Ltd.
Earlier this month, Reuters had reported that BYD had submitted a $1 billion investment plan aimed at manufacturing electric cars and batteries in India through a partnership with a local company.
As of now, Reuters has not independently verified the details mentioned in The Economic Times' report.
According to the report, India's Department of Commerce and Department for Promotion of Industry and Internal Trade (DPIIT) had requested input from other departments regarding the investment proposal.
"Security concerns related to Chinese investments in India were raised during the discussions," cited an Indian official.
Written by Sarita Chaganti Singh; edited by Jason Neely.
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