Mahindra and Mahindra to acquire 26% stake in defence JV with BAE Systems
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"This is a strategic decision and will enable both the companies to approach opportunities individually and to offer customised solutions to meet the needs of the Indian defence land systems domain," he said.
Dean McCumiskey, Managing Director and Chief Executive, India, BAE Systems, said, "Building domestic capabilities in partnership with Indian companies will remain a cornerstone of our strategy in India.
"We look forward to opportunities to collaborate with Mahindra and others to enhance the role of the private sector in the defence industry."
As per India's FDI policy, foreign vendors can invest only 26 per cent in the Indian defence sector to develop military hardware indigenously.
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