New Delhi: India has rejected a proposal by autos-to-software conglomerate Mahindra and Mahindra Ltd to set up a joint venture with Israel’s Rafael Advanced Defense Systems Ltd, a government statement said on Wednesday.
According to media reports, the companies were to invest about Rs.100 crore ($18.2 million) to develop and manufacture naval systems.
The Foreign Investment Promotion Board of the finance ministry also approved 12 proposals of foreign direct investment amounting to about Rs.802 crore.
