The government has rejected a proposal by Mahindra & Mahindra to set up a joint venture (JV) with Israel's Rafael Advanced Defense Systems. Both the companies, reportedly, were supposed to make an investment of about Rs 100 crore to develop and manufacture naval systems.
In March this year, India’s leading business houses-M&M and Rafael Advanced Defense Systems, a manufacturer of high tech defence systems for air, land, sea and space applications, signed a Memorandum of Understanding which will lead to the formation of a Joint Venture Company in India. The JV would develop and manufacture products such as Anti Torpedo Defence Systems, Electronic Warfare Systems, Advanced Armouring Solutions and remotely operated weapon stations for Futuristic Infantry Combat Vehicles (FICV). Simultaneously, the Foreign Investment Promotion Board (FIPB) was approached for the creation of a 74:26 company.
| Company Name | CMP |
|---|---|
| Tata MotorsPassenger | 375.80 |
| Maruti Suzuki | 13093.30 |
| Mahindra & Mahindra | 3001.20 |
| Hyundai Motor India | 1939.75 |
| Mercury Metals | 31.39 |
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