December 26, 2012 / 7:35 AM / in 5 years

India rejects Mahindra's proposal for defense JV with Rafael

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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