India rejects Mahindra's proposal for defense JV with Rafael

NEW DELHI Wed Dec 26, 2012 2:31am EST

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NEW DELHI (Reuters) - India has rejected a proposal by autos-to-software conglomerate Mahindra & Mahindra Ltd (MAHM.NS) 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.

($1 = 54.9650 Indian rupees)

(Reporting by Arup Roychoudhury; Editing by Prateek Chatterjee)

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