Web Sify
Follow us on
Mail
Print

India rejects Mahindra's proposal for defence JV with Rafael

Source : REUTERS
Last Updated: Wed, Dec 26, 2012 06:55 hrs
A customer stands next to a Mahindra vehicle on display inside the company's showroom in Chandigarh

India has rejected a proposal by autos-to-software conglomerate Mahindra & 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 1 billion rupees ($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 8.02 billion rupees.


More from Sify:
blog comments powered by Disqus
most popular on facebook
talking point on sify finance