New Delhi: India has rejected a proposal by autos-to-software conglomerate Mahindra & Mahindra Ltd to set up a joint venture with Israel's Rafael Advanced Defence Systems Ltd, a government statement said on Wednesday.

According to media reports, the companies were to invest about 1 billion rupees (USD 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.

(Agencies)

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