Economic Times reported that the government has rejected a proposal by autos to software conglomerate Mahindra&Mahindra Ltd to set up a JV with Israel's Rafael Advanced Defense Systems Ltd.
According to media reports,the companies were to invest about INR 100 crore 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 INR 8.02 billion.
In March,Mahindra&Mahindra Ltd and Rafael Advanced Defense Systems Ltd,a manufacturer of defense systems for air,land,sea and space applications,agreed to form a JV in India to develop and manufacture products such as Anti Torpedo Defense Systems,Electronic Warfare Systems,Advanced Armoring Solutions and remotely operated weapon stations for Futuristic Infantry Combat Vehicles.