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Tuesday, April 03, 2012

Mahindra signs MoU with Rafael Advanced Defence Systems

[Rafael Scutter Israeli anti-torpedo defence system]India's leading business house Mahindra & Mahindra and Rafael Advanced Defense Systems have signed a Memorandum of Understanding which will lead to the formation of a Joint Venture Company in India.

The MoU was singed at the ongoing Defexpo 2012. The JV will develop and manufacture products such as Anti Torpedo Defence Systems, Electronic Warfare Systems, Advanced Armouring Solutions and remotely operated weapon stations for Futuristic Infantry Combat Vehicles (FICV).

According to the Company, the Foreign Investment Promotion Board (FIPB) has been approached for the creation of a 74:26 company.

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