{"id":1260540,"date":"2023-07-26T09:02:23","date_gmt":"2023-07-26T03:32:23","guid":{"rendered":"https:\/\/trak.in\/stories\/?p=1260540"},"modified":"2023-07-26T09:02:59","modified_gmt":"2023-07-26T03:32:59","slug":"indian-govt-rejects-rs-8000-crore-investment-offer-by-chinese-electric-car-maker-for-making-15000-evs-per-year","status":"publish","type":"post","link":"https:\/\/trak.in\/stories\/indian-govt-rejects-rs-8000-crore-investment-offer-by-chinese-electric-car-maker-for-making-15000-evs-per-year\/","title":{"rendered":"Indian Govt Rejects Rs 8000 Crore Investment Offer By Chinese Electric Car Maker For Making 15,000 EVs Per Year"},"content":{"rendered":"\n

The government has rejected Chinese EV company BYD and Megha Engineering and Infrastructures Ltd (MEIL)\u2019s proposal to set up a $1 billion four-wheeler manufacturing facility in India.<\/p>\n\n\n\n

\"Indian<\/figure>\n\n\n\n

Background<\/strong><\/p>\n\n\n\n

On Jul 17, it was reported <\/a>that the company, which is the world\u2019s largest producer of EVs, has submitted a joint proposal with Hyderabad-based MEIL to form an EV joint venture to the Department for Promotion of Industry and Internal Trade (DPIIT).<\/p>\n\n\n\n

\u201cInvestment for the project is going to be made by Megha while the technology and knowhow will come from BYD,\u201d said one of the persons associated with the plan.<\/p>\n\n\n\n

Government wary<\/strong><\/p>\n\n\n\n

However, the government was reportedly not keen on allowing<\/a> the Chinese company to establish itself in India.\u00a0<\/p>\n\n\n\n

According to the Times of India report, there is \u201cdiscomfort in the home and external affairs ministries over the entry of Chinese players in the wake of the government\u2019s stand to keep players from across the border out of the Indian market, given the security concerns around several of them\u201d.<\/p>\n\n\n\n

Security concerns and existing guidelines<\/strong><\/p>\n\n\n\n

\u201cSecurity concerns with respect to Chinese investments in India were flagged during the deliberations,\u201d said an official familiar with the matter.<\/p>\n\n\n\n

Another individual said that the existing guidelines do not permit such investments.<\/p>\n\n\n\n

From April 2020, firms from land-border-sharing neighbours need approval from a committee headed by the home secretary to invest in Indian companies.<\/p>\n\n\n\n

Using Indian firms as proxy<\/strong><\/p>\n\n\n\n

The DPIIT which received the proposal is currently probing Chinese automakers having ties with Indian firms.<\/p>\n\n\n\n

It is being alleged that many joint ventures are \u201carranged\u201d by the Chinese companies but the Indian firms have little power.<\/p>\n\n\n\n

\u201cThe Indian company is more or less a dummy entity, with not much control on technology, decision-making, and other critical know-how,\u201d the Times of India claimed.<\/p>\n\n\n\n

Long term strategy <\/strong><\/p>\n\n\n\n

However, they express no <\/a>strategic long-term intention of moving manufacturing units to India.<\/p>\n\n\n\n

\u201cAny proposal without a strategic long term plan for production defeats the purpose of making the country a manufacturing hub,\u201d one of the sources said.<\/p>\n","protected":false},"excerpt":{"rendered":"

The government has rejected Chinese EV company BYD and Megha Engineering and Infrastructures Ltd (MEIL)\u2019s proposal to set up a $1 billion four-wheeler manufacturing facility in India. Background On Jul 17, it was reported that the company, which is the world\u2019s largest producer of EVs, has submitted a joint proposal with Hyderabad-based MEIL to form […]<\/p>\n","protected":false},"author":24,"featured_media":1261363,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21],"tags":[2233,2234],"class_list":["post-1260540","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-business","tag-byd-motors","tag-ev-maker"],"acf":[],"yoast_head":"\nIndian Govt Rejects Rs 8000 Crore Investment Offer By Chinese Electric Car Maker For Making 15,000 EVs Per Year - Trak.in - Indian Business of Tech, Mobile & Startups<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/trak.in\/stories\/indian-govt-rejects-rs-8000-crore-investment-offer-by-chinese-electric-car-maker-for-making-15000-evs-per-year\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Indian Govt Rejects Rs 8000 Crore Investment Offer By Chinese Electric Car Maker For Making 15,000 EVs Per Year - Trak.in - Indian Business of Tech, Mobile & Startups\" \/>\n<meta property=\"og:description\" content=\"The government has rejected Chinese EV company BYD and Megha Engineering and Infrastructures Ltd (MEIL)\u2019s proposal to set up a $1 billion four-wheeler manufacturing facility in India. 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