Mahindra transfers land defence biz to subsidiary

Tractor and utility vehicle maker, Mahindra & Mahindra Limited today announced that it has transferred its land systems business, which was part of the Mahindra Defence Systems division, to Mahindra Defence Land Systems Private Limited, its wholly-owned subsidiary.

The transfer will take effect from July 01, 2009 for a consideration based on the net asset value of the assets being transferred as on June 30, 2009.

Mahindra & Mahindra is in the process of hiving off its defence business into two separate entities — Mahindra Land Systems and Mahindra Naval Systems.

The company's Defence division provides solutions for the entire range of light combat / armoured vehicles and their derivatives for defence and security forces. It also addresses specific segments of the Government's import substitution and indigenisation programmes such as Small Arms and Sea Mines.