India rejects M&M's proposal for defence JV with Rafael

NEW DELHI Wed Dec 26, 2012 12:19pm IST

A worker sits in front of a logo of Mahindra & Mahindra, India's largest utility vehicles maker, inside their showroom in Chennai April 12, 2011. REUTERS/Babu/Files

A worker sits in front of a logo of Mahindra & Mahindra, India's largest utility vehicles maker, inside their showroom in Chennai April 12, 2011.

Credit: Reuters/Babu/Files

Related Topics

Stocks

   

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

(Reporting by Arup Roychoudhury; Editing by Prateek Chatterjee)

FILED UNDER:

Surprise Rate Cut

Reuters Showcase

Eicher Share Sale

Eicher Share Sale

Truck maker Volvo sells shares in Eicher Motors  Full Article 

Beef Ban

Beef Ban

After beef ban, Hindu groups force abattoirs to close   Full Article 

Services Growth

Services Growth

Services growth at eight-month high in Feb - HSBC PMI  Full Article 

StanChart Results

StanChart Results

StanChart rules out share sale as profit plunges 25 pct  Full Article 

Jim O’Neill Interview

Jim O’Neill Interview

'India can become world’s fifth-largest economy by decade’s end'  Full Article 

Coal Imports

Coal Imports

India coal imports in Feb jump from year ago, but drop m/m  Full Article 

Next Superhero

Next Superhero

Franchise Man swoops in to save Bollywood  Full Article 

Budget 2015

Budget 2015

Budget announcements and reactions from the industry  Full Coverage 

Reuters India Mobile

Reuters India Mobile

Get the latest news on the go. Visit Reuters India on your mobile device  Full Coverage