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| Mahindra, BAE Systems to invest $21.25 million in defence JV |
| Press Trust Of India / Mumbai Feb 09, 2010, 00:34 IST |
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Mahindra & Mahindra Ltd and the UK’s BAE Systems today said they would inject $21.25 million (Rs 99 crore) over a three-year period into their joint venture company, Defence Land Systems India.
The company, which is 74 per cent owned by Mahindra and 26 per cent by BAE Systems, is expected to be up and running in the near future, Mahindra said in a press release.
“Approved by the Foreign Investment Promotion Board (FIPB) of the government of India, the parent companies’ initial investment will be $21.25 million over a three-year period,” it said.
Defence Land Systems India will be headquartered in New Delhi and will manufacture vehicles at a purpose-built facility south of Faridabad in the National Capital Region.
The joint venture company will manufacture Axe high mobility vehicle as well as up-armoured and bulletproof Scorpios, Boleros, Rakshak, rapid intervention vehicles and the Marksman light-armoured vehicle. It would also develop a mine-protected vehicle specifically designed to meet the needs of the Indian armed and paramilitary forces, the release said.
Besides, the company may be involved in a number of future artillery programmes with an ambition to become an artillery centre of excellence in India that covers not only manufacturing but also development, testing and support.
Defence Land Systems India will be helmed by Deepak Chhibba as chief executive officer and Arne Berglund as the deputy CEO.
Chhibba was earlier executive vice-president of operations at Mahindra & Mahindra with over 32 years of experience. Berglund was previously a director at BAE Systems, Global Combat Systems, in the UK.
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