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On December 21, 2012 the FIPB released the minutes of its meeting held on November 20, 2012 in which it rejected the Joint Venture proposal between Mahindra & Mahindra and Rafael Advanced Defence Systems Ltd of Israel. The FIPB did not give any reason for this rejection. The application for the JV was submitted by the two companies to the FIPB in March 2012 for the development and production of Naval System products.
Both Mahindra and Rafael are surprised and disappointed at this decision as both are reputed companies which have extensive engagement with the Govt of India on projects related to Defence and Homeland Security. We will be seeking clarification on the reason for this rejection. Mahindra and Rafael shall continue exploring ways towards the establishment of a JV.
Mahindra already has a JV with BAE Systems for the manufacture of defence land systems products and has received FIPB approval for a JV with Telephonics Corporation for the development and manufacture of defence radar systems and other defence electronic systems.
Mahindra chose Rafael as a Joint Venture partner because the Govt of India and the Govt of Israel are cooperating extensively in the defence arena. Rafael has been engaged in many Indian defence projects including the Long Range Surface to Air Missile and Armouring Technologies with the DRDO at the govt. to govt. level.
Statement on Rejection of Mahindra-Rafael JV | idrw.org
Both Mahindra and Rafael are surprised and disappointed at this decision as both are reputed companies which have extensive engagement with the Govt of India on projects related to Defence and Homeland Security. We will be seeking clarification on the reason for this rejection. Mahindra and Rafael shall continue exploring ways towards the establishment of a JV.
Mahindra already has a JV with BAE Systems for the manufacture of defence land systems products and has received FIPB approval for a JV with Telephonics Corporation for the development and manufacture of defence radar systems and other defence electronic systems.
Mahindra chose Rafael as a Joint Venture partner because the Govt of India and the Govt of Israel are cooperating extensively in the defence arena. Rafael has been engaged in many Indian defence projects including the Long Range Surface to Air Missile and Armouring Technologies with the DRDO at the govt. to govt. level.
Statement on Rejection of Mahindra-Rafael JV | idrw.org
