By: Press Release
Source: www.marketwatch.com
NEW YORK, Nov 17, 2011 (BUSINESS WIRE) -- Telephonics Corporation, a subsidiary of Griffon Corporation GFF -1.13% , and Mahindra & Mahindra Ltd., a $12.5 billion multinational group based in Mumbai, India, announced the signing of a Memorandum of Understanding to form a Joint Venture (JV) to provide the Indian Ministry of Defense (MOD) and the Indian civil sector with radar and surveillance systems, Identification Friend or Foe (IFF) devices and communication systems. In addition, the JV intends to provide systems for Air Traffic Management services, Homeland Security and other emerging surveillance requirements.
The JV envisages establishing a plant in India which would manufacture and service airborne radar systems that are already being supplied to Hindustan Aeronautics Ltd (HAL) and to support airborne maritime surveillance systems for the Indian Navy and Coast Guard. The JV will license technology from Telephonics for use on a wide range of products that have both defense and civil applications.
Approval is being sought from the Foreign Investment Promotion Board of the Government of India (GoI) for the establishment of the JV in accordance with the current defense sector Foreign Direct Investment regulations of the GoI.
Anand Mahindra, Vice Chairman and Managing Director, Mahindra Group, said "We are delighted to partner with Telephonics and are committed to supporting the Indian MOD's requirement of having a capable indigenous defense private sector. We will continue to strive to deploy niche technologies that support a stronger nation, such as our JV with Telephonics."
Brig Hai, Chief Executive of Mahindra Defense Systems, a division of Mahindra and Mahindra, said "By partnering with Telephonics, Mahindra will become a 3-dimensional force providing products for Land, Maritime and Air platforms. Telephonics is an acknowledged leader in the field and will allow us to achieve our ambition to be a leading systems integrator for defense and civil applications."
"We are very pleased to be partnering with Mahindra, a leading player in the defense sector" said Joseph Battaglia, CEO and President of Telephonics. "The defense market in India is an important part of our international expansion plans and Mahindra is the right company for us to grow with in India."
Telephonics has already established a presence in the Indian defense and civil markets. For example, Telephonics supplies RDR-1400 weather avoidance radar systems for helicopters being built in Bangalore, India. It is also contracted to supply Boeing with APS-143C(V)3 Multi-Mode Radars (MMR) for India's P-8i Maritime Surveillance aircraft, and is responsible for installation of a sophisticated intercommunication systems for the C-17 Globemaster contracted for by the Indian Air Force.
Source: http://www.marketwatch.com/story/telephonics-and-mahindra-and-mahindra-to-form-joint-venture-2011-11-17
Source: www.marketwatch.com
NEW YORK, Nov 17, 2011 (BUSINESS WIRE) -- Telephonics Corporation, a subsidiary of Griffon Corporation GFF -1.13% , and Mahindra & Mahindra Ltd., a $12.5 billion multinational group based in Mumbai, India, announced the signing of a Memorandum of Understanding to form a Joint Venture (JV) to provide the Indian Ministry of Defense (MOD) and the Indian civil sector with radar and surveillance systems, Identification Friend or Foe (IFF) devices and communication systems. In addition, the JV intends to provide systems for Air Traffic Management services, Homeland Security and other emerging surveillance requirements.
The JV envisages establishing a plant in India which would manufacture and service airborne radar systems that are already being supplied to Hindustan Aeronautics Ltd (HAL) and to support airborne maritime surveillance systems for the Indian Navy and Coast Guard. The JV will license technology from Telephonics for use on a wide range of products that have both defense and civil applications.
Approval is being sought from the Foreign Investment Promotion Board of the Government of India (GoI) for the establishment of the JV in accordance with the current defense sector Foreign Direct Investment regulations of the GoI.
Anand Mahindra, Vice Chairman and Managing Director, Mahindra Group, said "We are delighted to partner with Telephonics and are committed to supporting the Indian MOD's requirement of having a capable indigenous defense private sector. We will continue to strive to deploy niche technologies that support a stronger nation, such as our JV with Telephonics."
Brig Hai, Chief Executive of Mahindra Defense Systems, a division of Mahindra and Mahindra, said "By partnering with Telephonics, Mahindra will become a 3-dimensional force providing products for Land, Maritime and Air platforms. Telephonics is an acknowledged leader in the field and will allow us to achieve our ambition to be a leading systems integrator for defense and civil applications."
"We are very pleased to be partnering with Mahindra, a leading player in the defense sector" said Joseph Battaglia, CEO and President of Telephonics. "The defense market in India is an important part of our international expansion plans and Mahindra is the right company for us to grow with in India."
Telephonics has already established a presence in the Indian defense and civil markets. For example, Telephonics supplies RDR-1400 weather avoidance radar systems for helicopters being built in Bangalore, India. It is also contracted to supply Boeing with APS-143C(V)3 Multi-Mode Radars (MMR) for India's P-8i Maritime Surveillance aircraft, and is responsible for installation of a sophisticated intercommunication systems for the C-17 Globemaster contracted for by the Indian Air Force.
Source: http://www.marketwatch.com/story/telephonics-and-mahindra-and-mahindra-to-form-joint-venture-2011-11-17
No comments:
Post a Comment