Olectra Greentech , a unit of MEIL has already developed electric buses with technical support from BYD. The company is currently sitting on orders for 2,000 buses worth ₹3,000-3,500 crore, which it plans to deliver in the coming 12-18 months. Since it is a proposal from a land-border sharing country, it will be carefully examined," said a government official.Since April 2020, a nod is required for investments coming into India from its land-border sharing countries. This was made mandatory to prevent Chinese companies from circumventing rules to acquire entities in India following the Covid-19 pandemic The DPIIT is already scrutinizing Chinese automobile firms having ties with Indian front companies. "Any proposal without a strategic long term plan for production defeats the purpose of making the country a manufacturing hub," one of the sources said.

Source: Economic Times July 15, 2023 10:46 UTC