New Delhi: Homegrown farm equipment-to- software group Mahindra & Mahindra on Monday signed an agreement for a joint venture with Italy’s Whitehead Alenia Sistemi Subacquei (WASS) for developing underwater weapon systems.
The agreement was signed between M&M’s defence arm Mahindra Defence Systems (MDS) and WASS, the maritime underwater subsidiary of 12-billion-dollar Finmeccanica Group.
The two firms would jointly explore the possibility of developing underwater weapon systems for Indian and foreign markets.
“The JV would initially develop underwater weapon systems for the Indian market, but in the long run we have our eyes set on the global market as well,” said Anand Mahindra, vice chairman and managing director, M&M, at the Defence Expo.
He said presently, the Indian market for underwater weapon systems stands at around $500 million.
MDS, which is primarily into land defence systems like bulletproof vehicles, is aggressively looking at diversifying into other peripheries, Mahindra added.
“The total Indian market for land systems stands at $5 billion dollars, in which we intend to have a share of around 60% or $3 billion,” Mahindra said.