M&M targets $3 Bn from defence deals over 10 years

By siliconindia   |   Wednesday, 20 February 2008, 23:07 IST
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New Delhi: Mahindra & Mahindra (M&M) is driving to achieve revenues worth $3 billion over the next 10 years from deals in the defense space through supply of land equipment systems to the armed forces. The utility vehicle major is also planning to bid for defense equipment deals through joint ventures with global equipment manufacturers in the next three-five years. It will carry out the bid though its subsidiary Mahindra Defence Systems (MDS). "We expect to continue with our dominant position in the defense sector and remain one of the largest players. In the total $5 billion Indian market for land systems, we intend to have a 60 percent share. We have the largest range of vehicles for the defense market and have launched two new platforms, Axe and Marksman, which will help us consolidate our position in the market," said M&M group Vice-Chairman and MD Anand Mahindra. The company also makes specialized armored vehicles - Mahindra Striker, Up Armoured Scorpio and Mine Protected Vehicle - which will roll out from its new factory coming up at Faridabad in Haryana with an investment of $10 million. M&M had also signed an agreement for a joint venture with Italy's Whitehead Alenia Sistemi Subacquei (WASS), subsidiary of the $20 billion Finmeccanica Group, to develop underwater weapon systems.