Mahindra defence to manufacture integrated ASW defence suite for Indian Navy

Mahindra & Mahindra (M&M) said that the Ministry of Defence (MoD) has awarded a major contract to Mahindra Defence Systems (MDS) worth Rs 1349.95 crore.

The contract is for the manufacturing integrated anti-submarine warfare defence suite (IADS) for modern warships of Indian Navy.

Competitive bids from Indian companies were invited by MoD through open tender wherein the systems fielded were put through detailed trials at sea to prove their capability.

IADS is a high-end underwater equipment that uses latest technology. It is designed to detect and protect warships from underwater threats. It is a versatile system capable of operations from all sizes of warships - small, medium, and large.

The complex array of sensors in water undertakes surveillance and provides inputs for signal processing and analysis. The warship then employs methods to neutralize the underwater threats.

SP Shukla, chairman, Mahindra Defence Systems, said, "It is the first major contract with the private sector meant for underwater detection and protection from threats. This contract once again epitomizes the success of the Atmanirbhar Bharat initiative."

This advanced technology system is the first of its kind being developed by an Indian company for Indian Navy. Mahindra Defence qualified by proving the capability of the system through comprehensive testing by the Indian MoD in actual operations at sea before being declared as winner on commercial bid. Mahindra Defence would be supplying 14 IADS Systems for the Indian Navy warships.

Mahindra Defence is engaged in catering to needs of all three wings of the defence forces - Army, Navy and Airforce. Its product range include armoured vehicles, underwater warfare equipment, radars and surveillance equipment, etc.

M&M's business is diversified across farm equipment, auto and automotive components, real estate, hospitality, information technology, defence and aerospace and financial services.

M&M reported a net profit of Rs 162.54 crore in Q4 FY21 as against a net loss of Rs 3255.02 crore in Q4 FY20. Net revenue from operations increased by 48.1% year-on-year (YoY) to Rs 13,338.15 crore during the quarter.

The M&M scrip shed 0.80% to end at Rs 775.10 on Friday.

Powered by Capital Market - Live News