Indian authorities are sceptical about Chinese carmaker BYD’s plan to invest $1billion to develop electric vehicles and batteries in the country, in partnership with a local company, due to security concerns and the Narendra Modi-led government’s stance on keeping Chinese companies out of the country, according to report by the Times of India.
India is concerned that tie-ups like the one proposed by BYD are “heavily weighed and controlled by the foreign partner” and reduce the partnering Indian company to a “dummy entity”, the report said. India has been ramping up scrutiny of Chinese firms in the country and has previously formed an inter-ministerial panel, led by the interior ministry, to oversee any cross-border investments.
Read the full report: Times of India
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