India rejects Chinese automaker BYD’s $1.0 billion factory proposal

India has rejected Chinese automaker BYD Co's proposal to set up a $1 billion factory in India in partnership with Hyderabad-based Megha Engineering and Infrastructure Ltd, reports Reuters citing Economic Times.

The BYD had submitted a $1 billion investment proposal to build electric cars and batteries in India in partnership with a local company.

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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.