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Telephonics Corporation, a subsidiary of the US-based Griffon Corporatio, on September 4, 2015 announced that it has increased its stake in Mahindra Telephonics Integrated Systems Ltd (MTIS) - its joint venture with Mahindra Defence Systems (a part of Mahindra Group) - from 26 percent to 49 percent. The Foreign Investment Promotion Board had approved this tracnsation on August 14, 2015.
Mahindra Telephonics was the first defence aerospace joint venture company to address the growing need for defence electronics & RF systems in India with a particular focus on airborne radars. MTIS has a production facility near Faridabad in Haryana where it currently manufactures airborne weather radars systems.
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Joseph Battaglia, president and CEO, Telephonics Corporation, said, "Telephonics is excited about the growth prospects for the aerospace and defense electronics markets in India. We are committed to our JV, MTIS, which is crucial to our continued efforts to expand and service this key growth market with our proven mission critical radar and electronic communication products."
Telephonics specialises in aircraft intercommunication systems, wireless communication systems, radars, integrated security systems, air traffic management systems, aerospace electronics, etc.
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Commenting on this development, S P Shukla, group president - aerospace & defence sector, Mahindra Group and chairman of MTIS, "This latest development is a reflection of Telephonics confidence in the JV and will enhance our access to world class innovation and technologies."
