India's Mahindra & Mahindra will buy BAE Systems' stake in the joint venture Defence Land Systems, the two companies said yesterday.
"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 purchase.
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 joint venture was formed in 2009, with Mahindra & Mahindra holding a 74 per cent share and BAE Systems holding 26 per cent.
The partners had said last month that they were reviewing the joint venture.
"Both shareholders recognise that significant evolution has occurred in the Indian Land Systems market.
"Developments in both the industry environment and in customer procurement frameworks and acquisition strategies have led the shareholders to institute a strategic review of the business," Mahindra said last month in a statement.
"This review will assess any changes necessary to address the evolving market and to meet emerging customerrequirements."
Mahindra also has a joint venture with United States-based Telephonics, a unit of Griffon, to make radar systems in India, and another with UAE-based Arabia Holdings and Ras Al Khaimah Transport Investments to make and sell armoured vehicles in the Middle East and Central Asia as well as in Africa.
The Mumbai-based multinational has an annual turnover of about US$15.9 billion (Dh58.4bn), and employs more than 155,000 people in more than 100 countries, according to information posted on its website.
It has interests in aerospace, vehicle manufacture, defence, energy, industrial equipment, property and other sectors.
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ONCE UPON A TIME IN GAZA
Starring: Nader Abd Alhay, Majd Eid, Ramzi Maqdisi
Directors: Tarzan and Arab Nasser
Rating: 4.5/5
India squad
Virat Kohli (captain), Rohit Sharma, Mayank Agarwal, K.L. Rahul, Shreyas Iyer, Manish Pandey, Rishabh Pant, Shivam Dube, Kedar Jadhav, Ravindra Jadeja, Yuzvendra Chahal, Kuldeep Yadav, Deepak Chahar, Mohammed Shami, Shardul Thakur.
Other workplace saving schemes
- The UAE government announced a retirement savings plan for private and free zone sector employees in 2023.
- Dubai’s savings retirement scheme for foreign employees working in the emirate’s government and public sector came into effect in 2022.
- National Bonds unveiled a Golden Pension Scheme in 2022 to help private-sector foreign employees with their financial planning.
- In April 2021, Hayah Insurance unveiled a workplace savings plan to help UAE employees save for their retirement.
- Lunate, an Abu Dhabi-based investment manager, has launched a fund that will allow UAE private companies to offer employees investment returns on end-of-service benefits.
The burning issue
The internal combustion engine is facing a watershed moment – major manufacturer Volvo is to stop producing petroleum-powered vehicles by 2021 and countries in Europe, including the UK, have vowed to ban their sale before 2040. The National takes a look at the story of one of the most successful technologies of the last 100 years and how it has impacted life in the UAE.
Read part four: an affection for classic cars lives on
Read part three: the age of the electric vehicle begins
Read part one: how cars came to the UAE
Key figures in the life of the fort
Sheikh Dhiyab bin Isa (ruled 1761-1793) Built Qasr Al Hosn as a watchtower to guard over the only freshwater well on Abu Dhabi island.
Sheikh Shakhbut bin Dhiyab (ruled 1793-1816) Expanded the tower into a small fort and transferred his ruling place of residence from Liwa Oasis to the fort on the island.
Sheikh Tahnoon bin Shakhbut (ruled 1818-1833) Expanded Qasr Al Hosn further as Abu Dhabi grew from a small village of palm huts to a town of more than 5,000 inhabitants.
Sheikh Khalifa bin Shakhbut (ruled 1833-1845) Repaired and fortified the fort.
Sheikh Saeed bin Tahnoon (ruled 1845-1855) Turned Qasr Al Hosn into a strong two-storied structure.
Sheikh Zayed bin Khalifa (ruled 1855-1909) Expanded Qasr Al Hosn further to reflect the emirate's increasing prominence.
Sheikh Shakhbut bin Sultan (ruled 1928-1966) Renovated and enlarged Qasr Al Hosn, adding a decorative arch and two new villas.
Sheikh Zayed bin Sultan (ruled 1966-2004) Moved the royal residence to Al Manhal palace and kept his diwan at Qasr Al Hosn.
Sources: Jayanti Maitra, www.adach.ae