NEW DELHI 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)