JV to develop and manufacture products for Defence Sector; to set up production facility in Pune
From left: Brig (RETD) K.A. Hai Chief Executive, Mahindra Defence Systems, Mr. Anand MahindraVice Chairman & Managing Director, Mahindra & Mahindra Ltd., V Admiral (Retd) Yedida YaariCEO, Rafael,
Maj Gen (Retd.) Ilan Biran Chairman, Rafael & Giora Katz- VP GM land & Naval Systems Sector, Rafael
New Delhi, India, March 30, 2012: Mahindra & Mahindra Ltd., one of India’s leading business houses and Rafael Advanced Defense Systems Ltd., a manufacturer of high tech defence systems for air, land, sea and space applications, today signed a Memorandum of Understanding which will lead to the formation of a Joint Venture Company in India. 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).
Simultaneously, the Foreign Investment Promotion Board (FIPB) has been approached for the creation of a 74:26 company.
Rafael will make investments in Mahindra’s existing Naval Systems division in Pune which will also be the location of a production facility which will be set up to meet the long-term requirements of the JV company.
Speaking on the occasion, Mr. Anand Mahindra, Vice Chairman & Managing Director, Mahindra & Mahindra Ltd. said: “Our Joint venture with Rafael signals our strategic entry into a wide range of high tech-defence solutions which will enable the Mahindra Group to become a leading defence systems integrator in India.”
Brig (Retd) KA Hai, Chief Executive, Mahindra Defence Systems, said “This JV will enable Mahindra Defence Systems to further leverage its innovative solutions in the maritime domain, enhance its product offerings, and present it with new avenues for growth. We intend to further expand into air, land, and aerospace defence solutions.”
Maj Gen (Retd) Ilan Biran, Chairman, Rafael said: “As part of our global strategy, we form alliances to develop military applications based on our proprietary technologies and in Mahindra we see a lot of synergy and opportunities for growth in new markets and especially in India which is a strategic market for us.”
Vice Admiral (Retd), Yadida Yaari, CEO, Rafael said “We see Mahindra as an ideal partner for expanding our business opportunities in India in sea, land and air domains. We have supported and will continue to support the Indian Ministry of Defence in gaining technological superiority and excellence.
About The Mahindra Group
The Mahindra Group focuses on enabling people to rise. Mahindra operates in the key industries that drive economic growth, enjoying a leadership position in tractors, utility vehicles, information technology and vacation ownership. Mahindra has a presence in the automotive industry, agribusiness, aerospace, components, consulting services, defence, energy, financial services, industrial equipment, logistics, real estate, retail, steel and two wheelers.
A USD 14.4 billion multinational group based in Mumbai, India, Mahindra employs more than 144,000 people in over 100 countries.
In 2011, Mahindra featured on the Forbes Global 2000 list, a listing of the biggest and most powerful listed companies in the world. Dun & Bradstreet also ranked Mahindra at No. 1 in the automobile sector in its list of India’s Top 500 Companies. In 2010, Mahindra featured in the Credit Suisse Great Brands of Tomorrow.
In 2011, Mahindra acquired a majority stake in Korea’s SsangYong Motor Company.
For further information, please visit www.mahindra.com
Connect with us on www.facebook.com/mahindragroup
About Rafael Advanced Defense Systems Ltd.:
Rafael Advanced Defense Systems Ltd., designs, develops, manufactures and supplies a wide range of high tech defense systems for air, land, sea and space applications. Rafael was established as part of the Israeli Ministry of Defense more than 60 years ago. Rafael’s technology is embedded in almost all Israel Defense Forces (IDF) systems in operation today. The company has a special relationship with the IDF, developing products according to the soldiers’ specific requirements in the field. Rafael is a steadily growing company with sales of US$ 1.8 Billion in 2011.
For further enquiries please contact:
Ms. Roma Balwani
Senior VP & Group Head - Corporate Communications
Mahindra & Mahindra Ltd
Phone: (+91-22) 24901441
Mr. Amit Zimmer
Vice President, Corporate Spokesman
Rafael, Advanced Defense Systems Ltd.
Phone: +972 3 5724710