India's Mahindra & Mahindra Ltd and a unit of Italy's Finmeccanica are planning a 500 m rupee ($12.6 m) joint venture to develop underwater defence systems for India, senior officials said on Monday, 18 February.
The Indian automaker will have a 74 per cent stake in the joint venture with Whitehead Alenia Sistemi Subacquei (WASS), which will develop and make underwater mines, harbour defence systems and torpedoes, company officials said.
The systems will initially be made in Mahindra's facility in Pune in western India, and production will be moved to the eastern city of Vishakhapatnam in two to three years, said Khutub Hai, chief executive of Mahindra's defence unit. –REUTERS
