Utility vehicle maker Mahindra and Mahindra (M&M) and UK-based defense product maker BAE System are likely to form a joint venture for manufacturing in India, reports Mint.
Both the entities are believed to have entered a memorandum of understanding (MoU).
BAE Systems also had talks to two other leading companies—Tata Motors and Larsen and Toubro—for its Indian Land Systems project.
The proposed JV will make combat vehicles and other land-based defense equipment.
Shares of the company declined Rs 4.6, or 0.59% to settle at Rs 780.00. The total volume of shares traded was 309,342 at the BSE. (Friday)
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