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New Delhi, Oct 8 (UNI) Mahindra&Mahindra and BAE Systems today expressed disappointement over the rejection of the proposed joint venture of the companies for landmine protected vehicles.

The Centre had rejected Mahindra&Mahindra's proposed joint venture with BAE Systems for landmine protected vehicles. Mahindra was to hold a 51 per cent stake in the JV, while the rest being held by the BAE.

''Mahindra&Mahindra and BAE Systems are disappointed that approval is not forthcoming at this stage for the proposed 49 percent foreign shareholding in the intended Indian Land Systems Joint Venture,'' the two companies said in a joint statement.

''Both companies remain very positive about the strength and depth of the relationship that we have developed, and will continue to work together on how we can develop our vision of a joint world-class Land Systems business in India. We will now look at our options of how to proceed; this will of course include the option of seeking approval to proceed initially at the 26 per cent level,'' the statement said.

UNI SG RL PM1920

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