India rejects Chinese investments

The Chinese company Great Wall Motors, which was planning to invest 1 billion US dollars in India, failed in its attempt to purchase the GM plant when it failed to obtain government approval.

India rejects Chinese car companies ' investments due to security concerns

According to Uyghur news, based on what the "Economic Times" reported on Saturday, India rejected the offer of the Chinese automaker BYD to build a USD 1 billion plant in India in partnership with Hyderabad-based mega engineering and infrastructure company.

"Security concerns related to Chinese investments in India are being discussed," an Indian official said.

Earlier this month, it was reported that BYD submitted a USD 1 billion investment proposal to make electric cars and batteries in India in partnership with a local company.

China's BYD Automotive has said it aims to capture 40 percent of India's electric car market by 2030, but the investment offer came at a time when India has increased its scrutiny on Chinese companies.

The Chinese company Great Wall Motors, which was planning to invest 1 billion US dollars in India, also failed in its attempt to purchase the GM plant when it failed to get government approval. The government is also investigating MG Motor of India, a unit of Chinese automaker SAIC Motor, for alleged financial irregularities.