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| Mahindra, BAE Systems to invest
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Mumbai, Feb 8 /--/ Mahindra & Mahindra Ltd and UK's BAE Systems today said they will inject a total of USD 21.25- million (Rs 99.4-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 Union government, the parent companies' initial investment will be USD 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 just manufacturing but 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.
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