Mahindra & Mahindra Ltd.

Mahindra & Mahindra Ltd and the UK’s BAE Systems would inject $21.25 million (Rs 99 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.

Approved by the Foreign Investment Promotion Board (FIPB) of the government of India, the parent companies’ initial investment will be $21.25 million over a three-year period. 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.