Mahindra & Mahindra today signed a memorandum of understanding (MoU) with Rafael Advanced Defence Systems to set up a joint venture for the development and manufacture of products for India's defence services.
Mahindra had, earlier, also signed an MoU with Telephonics Corporation to produce advanced airborne surveillance and communication systems for India's defence and civil sectors.
Rafael Advanced Defense Systems Ltd, a manufacturer of high tech defence systems for air, land, sea and space applications, and Mahindra Defence Systems will set up a joint venture company in Pune.
The JV will develop and manufacture products such as anti-torpedo defence systems, electronic warfare systems, advanced armouring solutions and remotely operated weapon stations for futuristic infantry combat vehicles (FICV).
Mahindra also approached the Foreign Investment Promotion Board (FIPB) with plans for the creation of a 74:26 company.