Government rejects Mahindra's proposal for Rs 100 crore defence JV with Rafael NEW DELHI: The government has rejected a proposal by autos-to-software conglomerate Mahindra & Mahindra Ltd to set up a joint venture with Israel's Rafael Advanced Defense Systems Ltd. According to media reports, the companies were to invest about Rs 100 crore ($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 Rs. 8.02 billion. In March, Mahindra & Mahindra Ltd and Rafael Advanced Defense Systems Ltd, a manufacturer of defence systems for air, land, sea and space applications, agreed to form a Joint Venture in India to 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). The companies had approached the Foreign Investment Promotion Board (FIPB) for creation of a 74:26 company.