Mahindra & Mahindra Ltd.

Snapping their three-year old partnership, Mahindra and Mahindra (M&M) is all set to acquire 26% stake of BAE Systems in the joint venture company Defence Land Systems India (DLSI).

In DLSI, Mahindra Defence Systems-- a part of the Mahindra and Mahindra group -- has 74% stakes while the BAE Systems holds the remaining 26%. The Joint Venture Company had plans of supplying artillery howitzers and anti-mine vehicles to the Indian armed forces.

The decision will enable both companies to consider each opportunity on a case by case basis, including continuing to explore opportunities for co-operating on specific defence projects.