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BAE Systems, Mahindra, Create Land System Focused Joint Venture In India

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Mahindra & Mahindra Ltd. and BAE Systems said yesterday in New Delhi they have signed an agreement to create a land systems focused, joint venture defense company based in India. Approved by the Foreign Investment Promotion Board of the Government of India (GoI) earlier this year, the parent companies' initial investment will be $21.25 million. The company's equity split will be 74 percent Mahindra and 26 percent BAE, in accordance with the current defense sector Foreign Direct Investment regulations of…

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