Article Posted on : - Feb 09, 2010

A file photo.

NEW DELHI (PTI): Indian defence company Mahindra and Mahindra and global major BAE Systems named their joint venture company in India as 'Defence Land Systems India' and also announced its corporate structure on Monday.

The Company also named Deepak Chhibba as its CEO and Arne Berglund as his deputy.

Working on an India-specific mine-protected vehicle, Defence Land Systems India is planning to highlight an extensive portfolio of defence products and services at the forthcoming 'DefExpo 2010' to be held from February 15-18 here, company officials said.

Speaking on the occasion, Mahindra Group Managing Director and Vice Chairman Anand Mahindra said, "As a fully operational joint venture, Defence Land Systems India will bring real and lasting value to India's growing defence industry."

The Joint Venture Company will also be involved in a number of future artillery programmes in India and is aiming to be the artillery centre of excellence in India covering manufacturing, development, testing and support, officials added.

Approved by the Foreign Investment Promotion Board, the two partners will make an initial investment of USD 21.25 million over a three year period and its 74 per cent equity will be with Mahindra and the rest with BAE Systems.

The new company will be headquartered in New Delhi with manufacturing facility just outside the Capital.

Initially there will be about 100 employees and existing projects include the Axe High Mobility Vehicle as well as up-armoured and bullet-proof Scorpios, Boleros, Rakshak, Rapid Intervention Vehicles and the Marksman Light Armoured Vehicle.