The Mahindra group today said Telephonics Corporation, USA, will increase its stake in their defence joint venture firm Mahindra Telephonics Integrated Systems (MTIS) to 49 per cent.
“Mahindra Telephonics Integrated Systems (MTIS) recently received approval on August 14, 2015, from the Foreign Investment Promotion Board of India (FIPB) for Telephonics Corporation to increase its stake in MTIS from 26 per cent to 49 per cent. Steps are being taken by both the partners to implement the transaction,” MTIS said in a statement.
The Mahindra group and Telephonics Corporation (USA), a subsidiary of Griffon Corporation, formed the joint venture MTIS in March 2013.
“Telephonics is excited about the growth prospects for the aerospace and defence electronics markets in India. We are committed to our joint venture, MTIS, which is crucial to our continued efforts to expand and service this key growth market with our proven mission critical radar and electronic communications products,” Telephonics Corporation President and CEO Joseph Battaglia said.
MTIS has a production facility near Faridabad in Haryana where it currently manufactures air-borne weather radars systems.