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Mahindra plans venture with Italian firm
The Tata and the Mahindra groups have each entered into new joint ventures with foreign companies at the ongoing DefExpo here on Monday, reports Business Line.
The Tata and the Mahindra groups have each entered into new joint ventures with foreign companies at the ongoing DefExpo here on Monday.
Addressing a press conference, the Vice-President and Managing Director, Mahindra Group, Mr Anand Mahindra, announced that the group was in an advanced stage of discussion with Whitehead Alenia Sistemi Subacquei (WASS), the maritime underwater system subsidiary of the Italian group Finmeccanica, to form a strategic alliance.
The setting up of the joint venture will help the Mahindra Group become a full service provider to defence services, Mr Mahindra said. Mahindra initially plans to invest around Rs 50 crore in the project and will scale up its investment at a later date, Mr Mahindra said.
The underwater production facility is currently situated at Pune but may be shifted to Visakhapatnam, he added.
Addressing a press conference, the Vice-President and Managing Director, Mahindra Group, Mr Anand Mahindra, announced that the group was in an advanced stage of discussion with Whitehead Alenia Sistemi Subacquei (WASS), the maritime underwater system subsidiary of the Italian group Finmeccanica, to form a strategic alliance. 
