HYDERABAD: In a big blow to investment flow into Telangana, the Centre denied permission for Chinese firm BYD to set up an EV manufacturing facility in Hyderabad. Telangana State Renewable Energy Development Corporation (TSREDCO) chairman Y Sathish Reddy said that the Centre, which has been troubling the State by not providing funds, is now blocking the investments coming to Telangana.
“The largest electric vehicle maker, BYD has been denied permission by the Central government to set up a manufacturing unit in Hyderabad,” he said.
“BYD has decided to set up its unit with Rs 8,000 crore investment and manufacture 10,000 to 15,000 vehicles annually. The Central government rejected the proposal, raising suspicion that it denied permission for the company as it was establishing the manufacturing unit in Hyderabad and not in Gujarat,” he said.
“Because of the Centre’s attitude, the youth of Telangana have lost thousands of jobs. On the other hand, India currently imports a large number of electric vehicles. As a result the prices are also high. If the vehicles are manufactured by us, the prices are likely to come down. But the Centre ignored these facts,” he added.
“The Centre has set a target of having 30% electric vehicles in the country by 2030, but this is confined to papers. If the Centre gave permission to BYD, that goal would have been accomplished much faster,” he added.