BYD executives fail to get Indian visa

New Delhi :Officials of China’s BYD Auto Co Ltd have been unable to obtain Indian visas for at least over a year, preventing in-person meetings with representatives of Megha Engineering & Infrastructure Ltd in India for their electric vehicle (EV) project. The two people are acquainted, said the development.

People said on the condition of anonymity that in the absence of Indian visas, meetings are being held between BYD and Megha officials in countries like Nepal, Sri Lanka and China.

“No official reason has been given to BYD officials for denying Indian visas,” said one of the two people.

Relations between India and China have become tense after the death of 20 Indian soldiers in clashes along the India-China border in the Galwan area of ​​Ladakh. These clashes, the worst flare-up of tensions between the two sides in 45 years, have significantly strained relations between the two countries.

Certainly, Chinese companies in various sectors have faced trouble in obtaining visas to visit India.

As reported peppermint Earlier, Megha Engineering is in talks with China’s BYD Auto to assemble Atto 3 and e6 electric cars in India. Additionally, Megha Engineering and BYD’s joint venture investment proposal worth $1 billion is yet to be submitted to India’s Department for Promotion of Industry and Internal Trade (DPIIT).

In 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 land borders. Mint reported on June 7 that India has approved less than a quarter of the total 435 FDI ​​applications from China since April 2020. Additionally, in October 2019, India’s Home Ministry raised concerns about potentially sensitive investments in critical sectors from “certain countries”. Blurred ownership lines between state-owned and privately owned firms in China.

BYD, the world’s second-largest seller of EVs, set up its India unit in March 2007 and invested $200 million to build two factories where it assembles its Eto 3 and e6 models.

“This is not controlled by the MEA,” a spokesperson for the Indian Ministry of External Affairs (MEA) said in a text message. Queries emailed to spokespersons of the Home Ministry, Megha Engineering and BYD India on October 4 remained unanswered.

India has imposed tariff and non-tariff barriers to curb Chinese imports and canceled projects and contracts awarded to Chinese companies. 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, in which it partners with BYD, its subsidiary Eway Trans Pvt Ltd. Ltd. operates electric buses. Megha Engineering, which is building the Zojila Tunnel, recently won a $648 million work order from state-owned Mongol Refinery LLC.

It has also shown interest in buying the government’s 63.75% stake in Shipping Corp of India and 26% stake in state-run defense equipment manufacturer BEML Ltd.

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