Market Overview

Mahindra and Telephonics Corporation sign final agreement to form JV

Mahindra & Mahindra Ltd., one of India's leading business houses, and Telephonics Corporation (Telephonics), a leading designer, developer, and manufacturer of high-technology integrated information, communication and sensor system solutions to military and commercial markets worldwide and a subsidiary of Griffon Corporation (NYSE: GFF), announced today they signed a definitive agreement to form a Joint Venture (JV). The JV will provide the Indian Ministry of Defence and the Indian Civil sector with radar and surveillance systems, Identification Friend or Foe (IFF) devices, and communication systems. In addition, the JV intends to provide systems for Air Traffic Management Services, Homeland Security, and other emerging surveillance requirements.

The Company will be called Mahindra-Telephonics Integrated Systems (Mahindra-Telephonics), and will be incorporated in the coming months following an amendment to the prior approval granted by the Foreign Investment Promotion Bureau on March 31, 2012.

The project envisages establishing a plant in Bangalore, which will initially manufacture and service airborne radar systems that are already being supplied to Hindustan Aeronautics Ltd and support airborne maritime surveillance systems for the Indian Navy and Coast Guard. Telephonics supplies RDR-1400 weather avoidance radar systems for helicopters being built in Bangalore, India. It is also contracted to supply Boeing with APS-143C(V)3 multi-mode Radar for India's P-8i Maritime Surveillance aircraft, and is responsible for installation of a sophisticated intercommunication system for the C-17 Globemaster contracted by the Indian Air Force.

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