The CEO of Mahindra Defence System (MDS), a unit of Mahindra and Mahindra (M&M) stated that the company will bid for defence projects worth $3.5 billion over the next seven years, mostly in artillery systems and armoured vehicles. The company’s joint venture with UK’s BAE System, which was approved by the Department of Industrial Policy and Promotion (DIPP), will try to generate up to $430 million by 2016, from the current levels of $21.7 million. The British company holds 26 per cent equity in the JV.1

• 1. ‘Mahindra arm to bid for $3.5 bn defence deals’, November 23, 2009 at http://www.moneycontrol.com/news/business/mahindra-arm-to-bid-for-3635-b... BAE Systems, ‘Mahindra & Mahindra and BAE Systems Joint Venture Approved’, New Release, January 7, 2009 at http://www.baesystems.com/Newsroom/NewsReleases/autoGen_10907105031.html