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Mahindra’s proposal for defence JV with Rafael rejected

The firms were to invest about Rs.100 crore to develop and manufacture naval systems, said reports
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First Published: Wed, Dec 26 2012. 01 41 PM IST
The Foreign Investment Promotion Board of the finance ministry also approved 12 proposals of foreign direct investment amounting to about `802 crore. Photo: Pradeep Gaur/Mint
The Foreign Investment Promotion Board of the finance ministry also approved 12 proposals of foreign direct investment amounting to about Rs.802 crore. Photo: Pradeep Gaur/Mint
Updated: Wed, Dec 26 2012. 02 22 PM IST
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.
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First Published: Wed, Dec 26 2012. 01 41 PM IST
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