BAE signs up for joint venture

BAE Systems said yesterday it had signed up for a joint venture with<br /><br />Mahindra &amp; Mahindra (M&amp;M) to create an Indian company focusing on land military equipment. <br /><br />The parent companies' initial investment will be $21.25m over a three year period. <br /><br />M&amp;M will hold 74 per cent while BAE Systems will hold 26 per cent, according to guidelines local guidelines on defence firms. Mahindra Group is among the top 10 industrial firms in India.