Press Statement from M &M on the Joint Venture with BAE Systems

Mumbai: Mahindra & Mahindra and BAE Systems are disappointed that approval is not forthcoming at this stage for the proposed 49% foreign shareholding in the intended Indian Land Systems Joint Venture. We are encouraged that Ministerial statements indicate that the prospect of a 49% foreign shareholding in defence JV enterprises remains an open issue for the future. We jointly remain of the view that the proposed 51/49 split properly reflects the shared vision and what both companies would be bringing to the intended JV.

MAHINDRA DEFENCE-BAE SYSTEMS TO DEVELOP AN INDIAN MINE PROTECTED VEHICLE

Delhi: The 5^th Defence and Naval Exhibition, DEFEXPO, will for the first time see a BAE Systems mine protected vehicle, the RG-31, on the Mahindra Defence stand. The companies are in discussion to jointly develop an Indian mine protected vehicle based on the highly successful RG-31.

Nearly 600 RG-31 vehicles are in service with US, Canadian and a number of other forces including the United Nations. 624 RG-31 have been ordered for the Pentagon’s Mine Resistant Ambush Protected (MRAP) programme.