Mahindra & Mahindra subsidiary inks pact with Defence Ministry for airport surveillance radars
On Friday, Mahindra & Mahindra announced that its subsidiary, Mahindra Telephonics Integrated Systems (a JV between Mahindra Defence Systems Limited & US-based Telephonics Corporation) signed a contract with the Indian Ministry of Defence for the procurement of 11 airport surveillance radars (ARS).
In a filing to BSE, the company said that the procurement of the ARS with Monopulse Secondary Surveillance Radar will be made at a cost of Rs 323.47 crore under the ‘buy & make’ category. The installation of the same will increase the air domain awareness around airfields and enhance safety as well as efficiency in flying operations of the Indian Navy & Indian Coast Guard.
The signing of this contract would enable the absorption of technology, skill development and indigenous manufacture thereby, boosting employment opportunities, the company added.
On Friday, the stock of Mahindra & Mahindra Ltd closed at Rs 804.40, up by 0.29 per cent against its previous close of Rs 802.10 on BSE.