Govt defers nod for Daimler's CV venture

The government has deferred approval to a proposal by German vehicle maker Daimler for a joint venture to make and sell commercial vehicles, a statement released on Wednesday said.

The proposal was for up to 60 per cent stake in such a JV, but it did not give details about the firm's investment or the local partner.

The statement said the government rejected UAE-based Thuraya Satellite Telecommunications Co's proposal to set up a JV for satellite mobile telephony, with upto 74 per cent foreign capital.

Thuraya provides mobile satellite services in more than 110 countries in Asia, Africa, Europe and West Asia.