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| M&M, BAE Systems to invest $21.25mn in defence JV |
| Press Trust of India / Mumbai Feb 08, 2010, 20:01 IST |
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Mahindra & Mahindra (M&M) and Britain's BAE Systems today said they will inject a total of $21.25 million (Rs 99.4 crore) over a three-year period into their joint venture company Defence Land Systems India.
Defence Land Systems, 74 per cent owned by Mahindra and the rest by BAE Systems, is expected to be up and running in the near future, said a Mahindra release here today.
"Approved by the Foreign Investment Promotion Board, the parent companies will investment $21.25 million over a three-year period," it said.
To be headquartered in New Delhi, its manufacturing facility will come up at nearby Faridabad, and will roll out the high mobility vehicle Axe, armoured and bulletproof Scorpios, Boleros, Rakshak, rapid intervention vehicles and the Marksman light-armoured vehicles.
It would also develop a mine-protected vehicle specifically designed to meet the needs of the armed and paramilitary forces, the release said.
That apart, the company may be involved in a number of future artillery programmes with an ambition to become an artillery centre of excellence that covers not just manufacturing but development, testing and support.
Defence Land Systems will be headed by Deepak Chhibba as chief executive officer and Arne Berglund as the deputy CEO.
Chhibba was earlier executive vice-president-operations at Mahindra & Mahindra, while Berglund was previously the director-global combat systems, BAE Systems.
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