MEA has no objection to Finmeccanica arm setting up India JV.

The plan of Selex ES Ltd., a fully-owned subsidiary of the controversial Italian defence, aerospace and security firm Finmeccanica, to set up a joint venture with an Indian partner has received the external affairs ministry's 'no-objection' from the 'political angle'.

The Italian government, through its economy & finance ministry, controls a 30.2 per cent stake in Finmeccanica. Its subsidiary had late last year withdrawn an application to the Foreign Investment Promotion Board (FIPB) for setting up a JV, as Finmeccanica came under a cloud following allegations it paid kickbacks to get the Rs. 3,456-crore chopper deal for AgustaWestland, another group company.

BS