Monday, November 29, 1999

Mahindra defence enters West Asian market

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New Delhi, Jun 17 (PTI) Mahindra and Mahindra has entered the West Asian market through its subsidiary that has tied up with an Arab firm to armour plate vehicles in the United Arab Emirates. The Indian company''s subsidiary, Mahindra Overseas Investment Company Mauritius Limited has signed an agreement with Arabia Holdings and Ras Al-Khaimah Transport Investments to create a joint venture company in the Emirates for armouring of vehicles, a press release from Mahindra Defence Systems said here today. The JV would cater to the high potential markets of West and Central Asia as well as Africa, the release said, adding it would launch a number of Mahindra Defence Systems armoured vehicles such as the Marksman, the up-armoured Scorpio and cash in transit van, which have been a success in India. "The JV is being set up in the UAE because of the low cost of manufacturing in the free zone of Ras Al-Khaimah and owing to its proximity to the Gulf Cooperation Council (GCC) countries, African and Central Asian sub-continents ensuring easy access to these markets," the release said. Mahindra Defence Systems, established six years ago in India in the field of vehicle armouring, would bring its experience in design and development of ballistic kits for vehicle protection into the new JV. Arabia Holding, with diverse business presence in the UAE in transportation, logistics and real estate, would bring their expertise in exporting armoured vehicles from the local markets together with its existing relationship with various agencies. The Ras Al-Khaimah Transport Investments was established by the Ras Al-Khaimah Transport Authority for partnering with Mahindra and Arabia Holdings in the joint venture.

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