FARMINGDALE, N.Y - Wednesday, December 9th 2015 [ME NewsWire]
(BUSINESS WIRE)-- Mahindra Defence Systems, a Mahindra Group Company, and Telephonics Corporation, a wholly owned subsidiary of Griffon Corporation (NYSE:GFF), announced today that Telephonics has increased its equity interest in their Joint Venture (JV), Mahindra Telephonics Integrated Systems (MTIS), from 26% to 49%. Telephonics is the first U.S. defence and aerospace contractor to receive approval from the Indian Foreign Investment Promotion Board (FIPB) to increase its stake in an Indian defence company to 49%.
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MTIS established its manufacturing and development facility in Prithla, south of New Delhi, India, in December 2013. After an initial set-up, recruitment and employee training period, MTIS now manufactures airborne weather radars and communication equipment. The JV, the first private sector entity of its kind in India, is supporting the “Make in India” initiative of the Indian Government.
“The increase in Telephonics’ stake in MTIS aligns with our endeavour to develop indigenous aerospace and defence manufacturing capabilities in India,” said Mr. SP Shukla, Member of the Group Executive Board of Mahindra & Mahindra Limited and Group President - Aerospace & Defence. “With Telephonics as our JV partner, MTIS will continue to enhance its ability to provide advanced-technology products which will strengthen the capabilities of Indian defence forces.”
“Telephonics is extremely pleased to announce our increased stake in MTIS,” said Joseph J. Battaglia, President and Chief Executive Officer of Telephonics. “This is an important milestone for Telephonics as we continue to build upon our close partnership with Mahindra Defence to address Indian opportunities.”
For more information on MTIS please visit www.mahindratelephonics.com.
Telephonics' high-technology engineering and manufacturing capabilities provide integrated information, communication and sensor system solutions to military and commercial markets worldwide. Telephonics specializes in aircraft intercommunication systems, wireless communication systems, radars, identification friend or foe products, integrated security systems, air traffic management systems, aerospace electronics, and the performance of threat and radar system analyses.
About Griffon Corporation
Griffon Corporation, headquartered in New York, N.Y., is a diversified management and holding company that conducts business through wholly-owned subsidiaries. The Company oversees the operations of its subsidiaries, allocates resources among them and manages their capital structures. The Company provides direction and assistance to its subsidiaries in connection with acquisition and growth opportunities as well as in connection with divestitures. Griffon also seeks out, evaluates and, when appropriate, will acquire additional businesses that offer potentially attractive returns on capital to further diversify itself.
About Mahindra Aerospace and Defence Sector
Mahindra Aerospace has led the Mahindra Group’s foray into utility aircraft and aerostructures manufacturing since 2008. Its utility aircraft business, based in Australia, currently produces Airvan 8, the most capable, rugged and versatile utility aircraft in its class. Certified in 38 countries, over 240 aircrafts are in service. Mahindra Aerospace is also developing a 10-seat turboprop, the Airvan 10, which is scheduled for certification in 2016.
Mahindra Defence has companies engaged in catering to the needs of all three wings of Defence forces – Army, Airforce and Navy. The product range includes armoured vehicles, underwater warfare equipment, radars and surveillance equipment etc.
Mahindra Group focuses on enabling people to rise through solutions that power mobility, drive rural prosperity, enhance urban lifestyles and increase business efficiency.
A USD 16.9 billion multinational group based in Mumbai, India, Mahindra provides employment opportunities to over 200,000 people in over 100 countries. Mahindra operates in the key industries that drive economic growth, enjoying a leadership position in tractors, utility vehicles, information technology, financial services and vacation ownership. In addition, Mahindra enjoys a strong presence in the agribusiness, aerospace, components, consulting services, defence, energy, industrial equipment, logistics, real estate, retail, steel, commercial vehicles and two wheeler industries.
In 2015, Mahindra & Mahindra was recognized as the Best Company for CSR in India in a study by the Economic Times. In 2014, Mahindra featured on the Forbes Global 2000, a comprehensive listing of the world’s largest, most powerful public companies, as measured by revenue, profit, assets and market value. The Mahindra Group also received the Financial Times ‘Boldness in Business’ Award in the ‘Emerging Markets’ category in 2013.
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