Mahindra & Mahindra Ltd and Rafael Advanced Defense Systems Ltd, a manufacturer of defence systems for air, land, sea and space applications, today agreed to form a Joint Venture in India to 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 will 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.
The companies have also approached the Foreign Investment Promotion Board (FIPB) for creation of a 74:26 company, the company statement said.
Link: Mahindra JV with Rafael
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Tuesday, April 3, 2012
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