BYD, Megha Engg to form EV venture

China's BYD Co has submitted a $1 billion investment proposal to build electric cars and batteries in India in partnership with a local company, three people with direct knowledge of the plan told Reuters.

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BYD and privately held Hyderabad-based Megha Engineering and Infrastructures have submitted a proposal to Indian regulators to form an EV joint venture, the people said, asking not to be named because the application is private.

The longer-term plan is to build a full line-up of BYDbrand electric cars in India from hatchbacks to luxury models, one of the three people said.

BYD, the world's largest producer of EVs and plug-in hybrid vehicles, did not immediately respond to a request for comment. The company previously said it planned to set up manufacturing in India, now the world's third-largest car market.

India's commerce and heavy industries ministries did not immediately reply to a request for comment.