Mahindra-Telephonics comes with joint venture

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Mahindra-Telephonics comes with joint venture
Mahindra & Mahindra announced on Thursday its joint venture with US-based Telephonics Corporation, a subsidiary of Griffon Corporation. Telephonics Corporation develops and produces electronic systems used in government and commercial markets worldwide. It's major clients include U.S. Government and other government contractors such as Lockhead Martin and Northrop Grumman.

M&M joined hands with Telephonics Corporation to provide surveillance and communication devices to the Indian defense sector and besides that, the equipments will also be offered to civilians.

With this tie-up, M&M will hold 74% of the stake in the company and remaining will be acquired by Telephonics.

Through this joint venture, both the companies aims to provide radar and surveillance systems, Identification Friend or Foe (IFF) devices and communication systems to the Ministry of Defense and the Indian civil sector. Besides this, the joint venture will also operate in the fields of homeland security and air traffic management services.

"We will be filing our application with foreign investment promotion board (FIPB) by the end of this month and expect the approvals to come through in the next two or three months. The JV should be operational by April next year,” Mahindra Defense Systems chief executive Khutub Hai said, while commenting on the joint venture.

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