India Approves Jv Between Bae Systems And Mahindra

摘要

India's Ministry of Finance (MoF) has approved a proposal by Mahindra & Mahindra and BAE Systems to form a joint venture (JV) to develop and produce land systems for the domestic Indian market and for export, it was announced on 7 January. An MoF statement confirmed that the two companies had been given clearance to invest INR289.4 million (USD6 million) in the JV, which will be 74 per cent owned by Mahindra & Mahindra, with BAE Systems holding the remainder. The companies said that "detailed planning and structural arrangements" will now be finalised with a view to standing up the venture as early as the second quarter of 2009.