Mahindra from India Rafael from Israel new joint venture for Anti Torpedo Defence Systems 3103124.

Rafael will make investments in Mahindra's existing Naval Systems division in Pune which will also be the location of a production facility which will be set up to meet the long-term requirements of the JV company.

Speaking on this MoU, Mr. Anand Mahindra, Vice Chairman & Managing Director, Mahindra & Mahindra Ltd. said: "Our Joint venture with Rafael signals our strategic entry into a wide range of high tech-defence solutions which will enable the Mahindra Group to become a leading defence systems integrator in India."

Brig (Retd) KA Hai, Chief Executive, Mahindra Defence Systems, said "This JV will enable Mahindra Defence Systems to further leverage its innovative solutions in the maritime domain, enhance its product offerings, and present it with new avenues for growth. We intend to further expand into air, land, and aerospace defence solutions."

Maj Gen (Retd) Ilan Biran, Chairman, Rafael said: "As part of our global strategy, we form alliances to develop military applications based on our proprietary technologies and in Mahindra we see a lot of synergy and opportunities for growth in new markets and especially in India which is a strategic market for us."

Vice Admiral (Retd), Yadida Yaari, CEO, Rafael said "We see Mahindra as an ideal partner for expanding our business opportunities in India in sea, land and air domains. We have supported and will continue to support the Indian Ministry of Defence in gaining technological superiority and excellence.