New Delhi: The government has rejected a USD 1 billion investment proposal of Chinese electric car maker BYD and its Hyderabad-based partner Megha Engineering and Infrastructures Ltd (MEIL) to set up an electric vehicle manufacturing plant, sources said.
Domestic infra major MEIL and BYD’s joint venture proposed to set up an electric vehicle (EV) manufacturing plant in Telangana with a joint investment outlay of USD 1 billion (around Rs 8,200 crore).
Sources said that the proposal was submitted to the commerce and industry ministry which was circulated for necessary scrutiny and approval from the ministry of heavy industries, the ministry of external affairs and the home ministry.
Govt rejects Chinese BYD-Megha Engineering’s USD 1 bn proposal to set up EV plant added by Press Trust of India on
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