China's BYD Auto Co, one of the world's largest electric vehicle makers has submitted a $1 billion investment proposal to Hyderabad based Megha Engineering and Infrastructures to build electric vehicles (EV) and batteries in India.
The proposal which has been submitted to Indian regulators would see BYD and Megha Engineering form an EV joint venture. The long term plan is to build a full line-up of BYD brand EVs in India from hatchbacks to luxury models.
BYD is a major monster sitting in global EV market and its entry into India would be a significant boost for the country's EV industry. India is seen as a bullet proof market for EVs with the government offering a number of incentives to promote the adoption of electric vehicles.
"This is a major development for the Indian EV industry," said Amitabh Kant, CEO of National Institution for Transforming India (NITI Aayog). "BYD is a leading global EV maker and its investment in India will help to make the nation a critical hub for EV production."
The proposed investment from BYD is still subject to regulatory approval but it is a positive sign for the future of Indian EV section. With BYD's investment, India is well on its route to becoming a major champ in the global EV market.
We believe that this is a great development for India and this headline highlights the benefits of BYD's investment in India which are to accelerate development of our EV sector, create jobs and reduce reliance on fossil fuels. It is a positive sign for the future of the Indian EV industry and it is sure to be welcomed by policymakers and businesses alike.