On the defense front as the country gears up its defense, Mahindra and Mahindra have tied up with BAE System PLC,the worlds 2nd largest defense company in a joint venture to create Defense land systems India.
The JV will invest about 21.25 million US dollars over a 3 year period. The team will consist of about a 100 people who will work in the existing AXE High Mobility Vehicle along with other bullet proof versions of the Mahindra Scorpio, Bolero, Rakshak, Marksman Light Armored Vehicle and Rapid Intervention Vehicles. The companies have also been working on a mine protected vehicle specifically for the Indian Armed Forces.
Mahindra and Mahindra have a 74% stake in the JV. Anand Mahindra the Vice President and the Managing Director of the Mahindra Group said that the venture would benefit all parties involved and that the company was looking towards making a major contribution to the security and economy of India.
Mr. Deepak Chhibba was appointed as the CEO and Mr. Arne Berglund as the deputy CEO for the JV. Deepak Chhibba was earlier EVP International Operations Mahindra & Mahindra and has over 32 years industrial experience and Arne Berglund, was previously a director at BAE Systems, Global Combat Systems, in the UK.