Mahindra, Telephonics Launch Joint Venture Partnership In India
01:30 PM, February 7, 2014
Telephonics Corporation, a subsidiary of Griffon Corporation, launched their joint venture partnership, Mahindra Telephonics Integrated Systems, as the first private sector aerospace and electronics manufacturing facility in India.
The facility represents an important milestone for Indias rapidly expanding private defense industry. The business will focus on the development and manufacture of leading-edge radar technology. Initial production of the first proprietary products commenced at the facility in December 2013.
Telephonics long-standing and highly respected OEM customer base has shown particularly keen interest in partnering with Mahindra Telephonics on the development and execution of offset programs in India.
“Telephonics combination of world-class technology and manufacturing capabilities, combined with Mahindras renowned manufacturing, corporate governance and market presence are proving to be very compelling for our customers in the U.S. and Europe,” explained Telephonics President and CEO, Mr. Joseph Battaglia. “Our joint venture has also begun planning for additional development facilities, including a larger manufacturing facility and the development of an outdoor radar and antenna test range.”
Sharing Mr. Battaglias enthusiasm, Mr. S.P. Shukla, President – Group Strategy & Defence Sector & Member of the Group Executive Board, Mahindra & Mahindra Ltd. stated, “The opening of the Prithla facility is a critical step in transitioning American defense manufacturing capabilities to India. Being able to support Ministry of Defence requirements locally in India provides a multitude of benefits, including cost efficiencies, decreased turnaround times and enhanced logistical support.” He further added that “Mahindra Defence Systems will now have a 3-dimensional capability encompassing the land, sea and air domains. Synergies between the different defence and Mahindra Group companies will also be leveraged.”
Indias Foreign Investment Promotion Board (FIPB) has issued approval on August 14 for Mahindra Telephonics Integrated Systems (MTIS) to increase Telephonics Corporations equity stake from 26% to 49%.
Steps are being taken by both the partners...
Mahindra Groups subsidiary, Mahindra Aerospace has won a large aero-components production contract from Airbus Groups Premium AEROTEC of Germany.
Deliveries are scheduled to commence this year, announced in a press release Monday