India Friday rejected a proposal from private shipbuilder Bharati Shipyard Ltd. to undertake defense production business with foreign equity, The Wall Street Journal reports.
The proposal was rejected by the Foreign Investment Promotion Board, a government body that reviews foreign investments and whose authorization is necessary before an Indian company can solicit investment from abroad.
The proposal was rejected by the Foreign Investment Promotion Board, a government body that reviews foreign investments and whose authorization is necessary before an Indian company can solicit investment from abroad.