The country’s largest utility vehicle maker Mahindra & Mahindra announced on Friday that it will soon be forming two joint ventures in Indian defense sector, separate from each other. The company is aiming to reach a turnover of at least USD 1 billion, over the period of coming 10 years. The partners of these two new joint ventures will be investing a sum of Rs 200 crore.
The two separate joint ventures include two foreign firms including the first one with Rafael Advanced Defense Systems (owned by Israel government) and the second one with Telephonics Corporation based in US.
While announcing these two joint ventures, Mr. Anand Mahindra, Mahindra & Mahindra Vice Chairman and Managing Director, said, "What we are seeing Mahindra & Mahindra do is to focus on where India needs to go in future.”
He added that over a period of ten years, the company is looking at a turnover of USD 500 million from this JV and if the firm is selected for the supply of FICV by the government of India then they expect that the turnover would immediately become one billion dollars.
