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Mumbai, Oct 8 (UNI) Mahindra&Mahindra and BAE Systems have expressed disappointment that their proposed 49 per cent foreign shareholding in the intended Indian Land Systems Joint Venture is not being approved at its advanced stage.

The prospect of a 49 per cent foreign shareholding in the defence JV enterprise remains an open issue for the future.

The companies are of the view that the proposed 51/49 split properly reflects their shared vision and what both companies would be bringing to the intended JV, a release issued by Mahindra said.

UNI AR SR VKG2015