ISTANBUL - India has declined a US$1 billion investment offer from Chinese electric car manufacturer giant BYD Motors, local media reported on Saturday.
New Delhi rejected BYD Motors' proposal to establish a US$1 billion manufacturing facility in the country, citing "security concerns associated with Chinese investments in the country”.
A major car maker, BYD Motors has introduced two electric vehicle models into the Indian market, Anadolu Agency reported citing the Mumbai-based daily Economic Times.
The decision comes after a change in Indian investment regulations in April 2020, requiring all foreign investments from neighbouring nations to undergo an approval process led by the Interior Ministry.
China and India maintain a bilateral trade volume of over US$135 billion annually. However, the two Asian neighbours have been embroiled in a border dispute since May 2020 in the Ladakh area of the disputed Jammu and Kashmir region. - Bernama/Anadolu
New Delhi rejected BYD Motors' proposal to establish a US$1 billion manufacturing facility in the country, citing "security concerns associated with Chinese investments in the country”.
A major car maker, BYD Motors has introduced two electric vehicle models into the Indian market, Anadolu Agency reported citing the Mumbai-based daily Economic Times.
The decision comes after a change in Indian investment regulations in April 2020, requiring all foreign investments from neighbouring nations to undergo an approval process led by the Interior Ministry.
China and India maintain a bilateral trade volume of over US$135 billion annually. However, the two Asian neighbours have been embroiled in a border dispute since May 2020 in the Ladakh area of the disputed Jammu and Kashmir region. - Bernama/Anadolu