The Foreign Investment Promotion Board (FIPB) has altered the statement it made earlier on the status of Mahindra & Mahindra’s Foreign Direct Investment (FDI) proposal for a defence-focussed joint venture with US-based radar systems maker, Telephonics. 

The board issued a fresh statement to this effect on Wednesday.

FIPB’s corrected release now states that a second FDI proposal from Mahindra relating to a joint venture with Israeli firm Rafael for naval defence systems has actually been deferred. 

An earlier statement issued on Tuesday had said that the Telephonics proposal had been ‘deferred’. FIPB has made the changes without accepting the error in its previous release.

In a separate statement Mahindra & Mahindra said, “We would like to clarify that this is incorrect as we have already got the approval from the Finance Ministry on the joint venture (with Telephonics). This has been communicated to us through a letter dated April 24, 2012.” 

(This article was published on June 27, 2012)
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