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Govt should revamp defence procurement: Mahindra

business Updated: Mar 30, 2012 19:43 IST

In the wake of bribery allegations, Mahindra & Mahindra vice chairman and managing director Anand Mahindra today said the government needs to revamp and bring in transparency in defence procurements.

"If India wants to bring high tehnology...and armed forces to the symmetrical levels of our aspirations, this is the time to answer controversies by bringing in transparency and technology," Mahindra told reporters at the Defence Expo in New Delhi.

Calling for increased role of Indian private sector in fulfilling the country's defence requirements, he said India needs to move swiftly to a "drastically new template."

When asked about the controversy over Army chief's letter to the Prime Minister on the country's defence preparednesses, Mahindra said:"I would rather not comment on that particular document, but as an Indian I am worried and we should be working for assimilating more technology."

Mahindra & Mahindra is one of the homegrown companies actively looking to expand in the defence sector.

The company today announced two separate joint ventures -- one with Israel's Rafael Advanced Defence Systems and another with US-based Telephonics Corporation.

"From the two new joint ventures, we expect a minimum turnover of USD one billion in the next ten years," Mahindra said.

The group already has a joint venture with Europe's BAE Systems.