Chinese company BYD has told its joint venture partner in India that it will shelve plans for a new $1 billion investment in electric vehicle production after its investment proposal was scrutinized by New Delhi, two sources told Reuters.
BYD and its partner, private company Megha Engineering and Infrastructures, submitted a proposal to the Indian government in April to jointly build electric vehicles in India. But in the initial review, officials from three Indian ministries, including finance and foreign affairs, raised concerns about the security of the Chinese company's investment, and signaled dissent.
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