After a long wait, Mahindra and Mahindra along with BAE Systems has finally secured the approval from the Government of India's Foreign Investment Promotions Board, for the setup of Joint Venture (JV) in India, focused on land systems for the Indian market.

This is a key step in setting up the JV, and in accordance with current Foreign Direct Investment regulations, the equity split will be 74% with Mahindra & Mahindra and 26% BAE Systems.

After getting permission, Mahindra & Mahindra and BAE Systems will now finalize detailed planning and structural arrangements with a view to commencing JV operations as early as Q2 2009.

According to sources, the JV will initially employ 50-60 people.