“Mahindra to become a leading defence systems integrator” [May 2012]

May 26, 2012 8:45 am

Mahindra & Mahindra signed a Memorandum of Understanding (MoU) with Rafael Advanced Defense Systems Ltd. and to form of a joint venture company in India. The JV will 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). Rafael Advanced Defense Systems is a manufacturer of high tech defence systems for air, land, sea and space applications.
Mahindra & Mahindra announced that the company has approached the Foreign Investment Promotion Board (FIPB) for the creation of a 74:26 company.
Rafael to make investments in Mahindra’s existing naval systems division in Pune which will also be the location of a production facility which will be set up to meet the long-term requirements of the JV company.
Speaking on the occasion, Anand Mahindra, Vice Chairman & Managing Director, Mahindra & Mahindra, said, “Our joint venture with Rafael signals our strategic entry into a wide range of high tech-defence solutions which will enable the Mahindra Group to become a leading defence systems integrator in India”.
Brig (Retd) KA Hai, Chief Executive, Mahindra Defence Systems, said, “This JV will enable Mahindra Defence Systems to further leverage its innovative solutions in the maritime domain, enhance its product offerings, and present it with new avenues for growth. We intend to further expand into air, land, and aerospace defence solutions”.