BAE agrees Indian JV with Mahindra

30th Nov 2009 10:01

BAE Systems said it has agreed with Mahindra & Mahindra to create a land systems focused joint venture defence company, based in India. BAE will have a 26% shareholding in the joint venture and Mahindra will have a 74% shareholding. The parties have agreed to contribute $21.25m, with BAE investing $5.83m in cash and Mahindra contributing the balance.Completion of the transaction is conditional upon required regulatory approvals and the joint venture is expected to be established in the first half of 2010.