India has rejected Chinese automaker BYD's (1211) proposal to set up a US$1 billion (HK$7.8 billion) factory in India in partnership with Hyderabad-based Megha Engineering and Infrastructure, the Economic Times reported on Saturday. India's Department of Commerce, Department for Promotion of Industry and Internal Trade had sought opinions from other departments on the investment proposal, the report said. "Security concerns with respect to Chinese investments in India were flagged during the deliberations," the report quoted an Indian official as saying. In other news, CMOC (3993) said its unit has agreed to sell copper, cobalt, and nickel products worth US$260 million to its substantial shareholder, battery manufacturing giant CATL.

Source: The Standard July 24, 2023 07:11 UTC