India Blocks $1 Billion Bid By China's BYD to Set Up EV Factory

(Bloomberg) — India rejected Chinese carmaker BYD Co.'s proposal to build a $1 billion electric-vehicle plant in partnership with a local company, according to people with knowledge of the matter. Most Read from Bloomberg The Indian government dismissed the plan from BYD and Hyderabad-based Megha Engineering and Infrastructures Ltd. on national security concerns, the people said, asking not to be identified as the decision is not yet public. The use of Chinese homegrown technology is a concern, one of the people said. Foreign direct investment in India's automobile sector doesn't typically require approval. Investment proposals from countries that share a…