Mahindra & Mahindra will set up a Joint Venture (JV) with a global defence and aerospace company BAE systems on land systems for the Indian market, after being approved by the Indian Foreign Investment Promotions Board. As per the Foreign Direct Investment regulations, Mahindra will hold equity of 74% and BAE systems will have the remaining 26%.
The two companies plan to commence the JV operations in the early part of the second quarter of 2009.
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