Mahindra & Mahindra, BAE Systems establish joint venture

  • 20-Jan-2009 02:11 EST
Mahindra & Mahindra and BAE Systems have agreed to set up a joint venture (JV) in India focused on land systems for the Indian market. Mahindra & Mahindra will own 74% of the JV, with BAE Systems owning the remaining 26%. Mahindra & Mahindra and BAE Systems are now finalizing detailed planning and structural arrangements with the hopes of beginning operations in the second quarter of 2009. Headquartered in Delhi, with manufacturing in Faridabad, the JV will initially employ 50-60 people. Initial work is likely to include the up-armoring of Rakshack vehicles and Axe vehicle production as well as starting the process of developing a mine-resistant ambush-protected vehicle suitable for India.
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