BANGALORE--Mahindra & Mahindra Ltd. will buy BAE Systems PLC's BAESY stake in Defence Land Systems, a joint venture, the two companies said Saturday.
"This decision is a reflection of the shareholders' belief that they can best meet emerging customer requirements and address the opportunities in this dynamic market with a flexible, tailored approach that was not easily facilitated by the structure of the existing Joint Venture entity," they said in a joint statement, without specifying details of the stake buy.
Mahindra and BAE Systems will consider opportunities for working together on specific projects, they added.
Defence Land Systems makes military vehicles at a facility on the outskirts of New Delhi.
The partners had said in January that they were reviewing the JV.
Mahindra also has a JV with U.S.-based Telephonics Corp. a unit of Griffon Corp. (GFF), to make radar systems in India, and another with United Arab Emirates-based Arabia Holdings and Ras Al Khaimah Transport Investments LLC to make and sell armored vehicles in the Middle East and Central Asia as well as in Africa.
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