Mahindra set to form JV with Telephonics Corporation
To provide Indian Ministry of Defence & Civil sector with advanced Airborne Surveillance & Communication Systems
From left: Brig (Retd) KA Hai, Chief Executive, Mahindra Defence Systems, Mr. Anand Mahindra, Vice Chairman & Managing Director, Mahindra Group & Mr. Joe Battaglia, CEO, Telephonics Corporation
New Delhi, India, Mar 30, 2012: Mahindra & Mahindra Ltd., one of India’s leading business houses and Telephonics Corporation, a leading designer, developer and manufacturer of high-technology integrated information, communication and sensor system solutions to military and commercial markets worldwide and a subsidiary of Griffon Corporation (NYSE:GFF), announced the impending formation of a Joint Venture (JV) Company which will provide the Indian Ministry of Defence (MOD) and the Indian Civil sector with radar and surveillance systems, Identification Friend or Foe (IFF) devices and communication systems. In addition, the JV intends to provide systems for Air Traffic Management services, Homeland Security and other emerging surveillance requirements.
The project envisages establishing a plant in India which would manufacture and service airborne radar systems that are already being supplied to Hindustan Aeronautics Ltd (HAL) and support airborne maritime surveillance systems for the Indian Navy and Coast Guard. The JV will license technology from Telephonics for use on a wide range of products that have both defence and civil applications.
Subsequent to the signing of a Memorandum of Understanding (“MoU”) in October 2011, the companies have been in the process of negotiating definitive agreements and approval has been sought from the Foreign Investment Promotion Board of the Government of India (GoI) for the establishment of the JV in accordance with the current defence sector Foreign Direct Investment regulations of the GOI. The approval for this is expected soon.
Backed by strong R&D, Telephonics has developed a state-of-the-art three channel IFF MK-XII system which has the capability to integrate with civil/military aircraft and ground or sea based IFF systems. Telephonics’ experience with respect to these systems in other countries will provide a platform for the JV to meet the emerging Indian customised civil/military requirements of a National IFF Program. Telephonics has also developed secure communication systems which may be deployed on a variety of ground and airborne systems.
The Mobile Surveillance System (MSS) and Advanced Radar Surveillance System (ARSS) are rapid deployment ground surveillance systems which can detect human and vehicular movement both in the day and the night. Through networking, a central command and control system can effectively watch a large area for vehicular and human movement. Nearly 4000 of these systems are already being used by 10 countries for their homeland security applications.
The JV will be the first in India to manufacture air borne and maritime radars utilizing licensed technology. Nearly 100 per cent indigenous capability is expected to be achieved in the near future. The JV will also be strategically poised to develop future technologies for civil and military applications.
Telephonics has an established presence in the Indian defence and civil markets. For example, Telephonics supplies RDR-1400 weather avoidance radar systems for helicopters being built in Bangalore, India. It is also contracted to supply Boeing with APS - 143C (V) 3 Multi-Mode Radars (MMR) for India's P-8i Maritime Surveillance aircraft, and is responsible for installation of a sophisticated intercommunication system for the C-17 Globemaster contracted for by the Indian Air Force.
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, Defence systems, vacation ownership, rural and semi-urban financial services, etc. Mahindra has a significant and growing presence amongst others, in the automotive industry, agribusiness, aerospace, automotive components, consulting services, defence, energy, industrial equipment, logistics, real estate, retail, steel and two wheelers.
A US $ 14.4 billion multinational group based in Mumbai, India, Mahindra employs more than 137,000 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. For four years in a row, Mahindra has featured in the Forbes Asia’s Fab 50 List of the 50 best publicly traded companies in the Asia-Pacific regions. 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. Its flagship company Mahindra & Mahindra Limited is the only Indian automobile manufacturer to feature in the top 10 list of the Carbon Disclosure Leadership Index in India - 2010, created by the Carbon Disclosure (CDP). In 2011, Mahindra acquired a majority stake in Korea’s SsangYong Motor Company.
For any media queries related to Mahindra, please contact:
Ms. Roma Balwani
Senior VP & Group Head - Corporate Communications,
Mahindra & Mahindra Ltd.
Phone: (+91-22) 24901441
Fax: (+91-22) 2490 0830
About Telephonics Corporation
Telephonics specializes in aircraft intercommunication systems, wireless communication systems, radars, identification friend or foe products, integrated security systems, air traffic management systems, aerospace electronics and threat analysis and management. Telephonics Corporation is a wholly owned subsidiary of Griffon Corporation headquartered in New York, N.Y. Griffon is a diversified management and holding company that conducts business through wholly-owned subsidiaries.
For any media inquiries related to Telephonics, please contact:
Ms. Carrie Petrocca
Director – Corporate Communications, Telephonics Corporation
Phone: +1 631-755-7583
Fax: +1 631-755-7200
About Griffon Corporation
Griffon Corporation (the “Company” or “Griffon”), is a diversified management and holding company that conducts business through wholly-owned subsidiaries. Griffon oversees the operations of its subsidiaries, allocates resources among them and manages their capital structures. Griffon provides direction and assistance to its subsidiaries in connection with acquisition and growth opportunities as well as in connection with divestitures. Griffon also seeks out, evaluates and, when appropriate, will acquire additional businesses that offer potentially attractive returns on capitaL to further diversify itself.
Griffon currently conducts its operations through Ames True Temper (“ATT), Clopay Building Products (“CBP”), Telephonics Corporation (“Telephonics”) and Clopay Plastic Products Company (“Plastics”). CBP and ATT comprise the Home & Building Products operating segment.
- Home & Building Products is a leading manufacturer and marketer of residential, commercial and industrial garage doors to professional installing dealers and major home center retail chains, as well as a global provider of non-powered landscaping products that make work easier for homeowners and professionals.
- Telephonics designs, develops and manufacturers high-technology, integrated information, communication and sensor system solutions for use in military and commercial markets worldwide.
- Plastics is an international leader in the development and production of embossed, laminated and printed specialty plastic films used in a variety of hygienic, health-care and industrial applications.
For more information on Griffon and its operating subsidiaries, please see the Company’s website at www.giffoncorp.com
Company Contact: Investor Relation Contact:
Douglas J.Wetmore James Palczynski
Chief Financial Officer Principal and Director
Griffon Corporation ICR Inc.
(212) 957-5000 (203) 682-8229
712 Fifth Avenue, 18th Floor
New York, NY 10019
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