Mahindra & Mahindra and Telephonics Corporation sign MoU
Mahindra & Mahindra and Telephonics Corporation, a leading designer, developer and manufacturer of high-technology integrated information, communication and sensor system solutions to military and commercial markets worldwide and a subsidiary of Griffon Corporation have signed a Memorandum of Understanding to form a Joint Venture to provide the Indian Ministry of Defense 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, says a statement. 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 defence sector Foreign Direct Investment regulations of the GOI. The project envisages establishing a plant in India which wo...