India rejects M&M's proposal for defence JV with Rafael
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)
- Tweet this
- Share this
- Digg this
DAVOS, Switzerland - Central banks have done their best to rescue the world economy by printing money and politicians must now act fast to enact structural reforms and pro-investment policies to boost growth, central bankers said on Saturday.
Trending On Reuters
India's largest carmaker Maruti Suzuki India Ltd posted a smaller-than-expected rise in profit for the third quarter, hit by one-off items including a jump in advertising costs, a higher tax rate and lower income from investments. Full Article | Full coverage