BYD Execs Fail To Get Indian Visas

(MENAFN- Live Mint) "China's BYD Auto Co. Ltd's executives have been unable to secure Indian visas for at least over a year, precluding in-person meetings with representatives of Megha Engineering and Infrastructure Ltd in India for their electric vehicle (EV) project, two people familiar with the developments said the absence of Indian visas, meetings between BYD and Megha executives are being held in countries such as Nepal, Sri Lanka and China, the people said on condition of anonymity.“No official reason has been given for the denial of Indian visas to BYD executives,” said one of the two people between India and China have been tense after clashes along the India-China border in the Galwan region of Ladakh led to the deaths of 20 Indian soldiers. The clashes, the worst flare-up of tensions between the two sides in 45 years, have significantly strained ties between the two countries be sure, Chinese companies in various sectors have faced trouble in getting visas for travel to India reported by Mint earlier, Megha Engineering is in talks to assemble the Atto 3 and e6 electric cars from China's BYD Auto in India. Also, Megha Engineering and BYD's $1 billion equal joint venture investment proposal submitted to India's department for promotion of industry and internal trade (DPIIT) is yet to secure approval April 2020, DPIIT notified changes in the foreign direct investment (FDI) policy by mandating government clearance for all FDI inflows from countries with which India shares a land border. Mint reported on 7 June that India has approved less than a quarter of the total 435 FDI applications from China since April 2020. Also, in October 2019, India's home ministry raised concerns about potentially sensitive investments in critical sectors from“certain countries”, given the blurred ownership lines between state-owned and privately held firms in China, the world's second-largest seller of EVs, set up its India unit in March 2007 and has invested $200 million to build two factories, where it assembles its Atto 3 and e6 models.A spokesperson for the Indian ministry of external affairs (MEA) said in a text message,“this is not handled by MEA.” Queries emailed to the spokespeople for the ministry of home affairs, Megha Engineering and BYD India on 4 October remained unanswered has imposed tariff and non-tariff barriers to check Chinese imports and cancelled projects and contracts given to Chinese firms. New Delhi has also banned Chinese apps, including TikTok, with Chinese automaker Great Wall Motor Co. Ltd abandoning its proposed $1 billion Indian manufacturing project in India. While Megha Engineering manufactures electric buses through Olectra Greentech Ltd, wherein it partners with BYD, its subsidiary Evey Trans Pvt. Ltd operates electric buses. Megha Engineering, which is building the Zojila Tunnel, recently secured a $648-million work order from Mongol Refinery State Owned Llc has also evinced interest in buying out the government's 63.75% stake in Shipping Corp. of India and the 26% stake in state-run defence equipment maker BEML Ltd.

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