Mahindra Announces Two Joint Ventures at DefExpo 2012 in India

NEW DELHI, India, March 30, 2012 /PRNewswire/ –

        - Rafael JV to develop and manufacture products for Defence Sector; to set
          up production facility in Pune, India
             - PHOTO LINK &
             CAPTION:http://www.mahindra.com/News/Press-Releases/1333110318

From left: Brig (RETD) K.A. Hai Chief Executive, Mahindra Defence Systems, Mr. Anand
Mahindra,Vice Chairman & Managing Director, Mahindra & Mahindra Ltd., V Admiral (Retd)
Yedida Yaari, CEO, Rafael, Maj Gen (Retd.) Ilan Biran Chairman, Rafael & Giora Katz- VP GM
land & Naval Systems Sector, Rafael

        - JV with Telephonics Corporation to provide Indian Ministry of Defence &
          Civil sector with advanced Airborne Surveillance & Communication Systems
             - PHOTO LINK &
             CAPTION:http://www.mahindra.com/News/Press-Releases/1333110710

From left: Brig (Retd) KA Hai, Chief Executive, Mahindra Defence Systems, Mr. Anand
Mahindra, Vice Chairman & Managing Director, Mahindra Group & Mr. Joe Battaglia, CEO,
Telephonics Corporation

Mahindra & Mahindra Ltd., one of India’s leading business houses, today announced two
Joint Ventures at the DefExpo 2012 held in Delhi.

(Logo:
http://www.newscom.com/cgi-bin/prnh/20110726/471752 )

MoU with Rafael Advanced Defence Systems

The company’s MoU with Rafael Advanced Defence Systems Ltd., a manufacturer of high
tech defence systems for air, land, sea and space applications, will lead to the formation
of a Joint Venture Company in India. The JV will develop and manufacture products such as
Anti Torpedo Defence Systems, Electronic Warfare Systems, Advanced Armouring Solutions and
remotely operated weapon stations for Futuristic Infantry Combat Vehicles (FICV).

Simultaneously, the Foreign Investment Promotion Board (FIPB) has been approached for
the creation of a 74:26 company.

Rafael will make investments in Mahindra’s existing Naval Systems division in Pune
which will also be the location of a production facility which will be set up to meet the
long-term requirements of the JV company.

Speaking on this MoU, Mr. Anand Mahindra, Vice Chairman & Managing Director, Mahindra
& Mahindra Ltd. said: “Our Joint venture with Rafael signals our strategic entry into a
wide range of high tech-defence solutions which will enable the Mahindra Group to become a
leading defence systems integrator in India.”

Brig (Retd) KA Hai, Chief Executive, Mahindra Defence Systems, said “This JV will
enable Mahindra Defence Systems to further leverage its innovative solutions in the
maritime domain, enhance its product offerings, and present it with new avenues for
growth. We intend to further expand into air, land, and aerospace defence solutions.”

Maj Gen (Retd) Ilan Biran, Chairman, Rafael said: “As part of our global strategy, we
form alliances to develop military applications based on our proprietary technologies and
in Mahindra we see a lot of synergy and opportunities for growth in new markets and
especially in India which is a strategic market for us.”

Vice Admiral (Retd), Yadida Yaari, CEO, Rafael said “We see Mahindra as an ideal
partner for expanding our business opportunities in India in sea, land and air domains. We
have supported and will continue to support the Indian Ministry of Defence in gaining
technological superiority and excellence.

Rafael Advanced Defense Systems Ltd., designs, develops, manufactures and supplies a
wide range of high tech defense systems for air, land, sea and space applications. Rafael
was established as part of the Israeli Ministry of Defense more than 60 years ago.
Rafael’s technology is embedded in almost all Israel Defense Forces (IDF) systems in
operation today. The company has a special relationship with the IDF, developing products
according to the soldiers’ specific requirements in the field. Rafael is a steadily
growing company with sales of US$ 1.8 Billion in 2011.

Joint Venture with Telephonics Corporation

Mahindra & Mahindra Ltd. and Telephonics Corporation, 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), also announced the impending formation of a Joint Venture (JV)
Company which will provide the Indian Ministry of Defence (MOD) 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 project envisages establishing a plant in India which would manufacture and
service airborne radar systems that are already being supplied to Hindustan Aeronautics
Ltd (HAL) and support airborne maritime surveillance systems for the Indian Navy and Coast
Guard. The JV will license technology from Telephonics for use on a wide range of products
that have both defence and civil applications.

Subsequent to the signing of a Memorandum of Understanding (“MoU”) in October 2011,
the companies have been in the process of negotiating definitive agreements and approval
has been sought from the Foreign Investment Promotion Board of the Government of India
(GoI) for the establishment of the JV in accordance with the current defence sector
Foreign Direct Investment regulations of the GOI. The approval for this is expected soon.

Backed by strong R&D, Telephonics has developed a state-of-the-art three channel IFF
MK-XII system which has the capability to integrate with civil/military aircraft and
ground or sea based IFF systems. Telephonics’ experience with respect to these systems in
other countries will provide a platform for the JV to meet the emerging Indian customised
civil/military requirements of a National IFF Program. Telephonics has also developed
secure communication systems which may be deployed on a variety of ground and airborne
systems.

The Mobile Surveillance System (MSS) and Advanced Radar Surveillance System (ARSS) are
rapid deployment ground surveillance systems which can detect human and vehicular movement
both in the day and the night. Through networking, a central command and control system
can effectively watch a large area for vehicular and human movement. Nearly 4000 of these
systems are already being used by 10 countries for their homeland security applications.

The JV will be the first in India to manufacture air borne and maritime radars
utilizing licensed technology. Nearly 100 per cent indigenous capability is expected to be
achieved in the near future. The JV will also be strategically poised to develop future
technologies for civil and military applications.

Telephonics has an established presence in the Indian defence and civil markets. For
example, 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 Radars (MMR) for India’s P-8i Maritime Surveillance aircraft, and is
responsible for installation of a sophisticated intercommunication system for the C-17
Globemaster contracted for by the Indian Air Force.

Telephonics specializes in aircraft intercommunication systems, wireless communication
systems, radars, identification friend or foe products, integrated security systems, air
traffic management systems, aerospace electronics and threat analysis and management.
Telephonics Corporation is a wholly owned subsidiary of Griffon Corporation headquartered
in New York, N.Y. Griffon is a diversified management and holding company that conducts
business through wholly-owned subsidiaries.

About Griffon Corporation

Griffon Corporation (the “Company” or “Griffon”), is a diversified management and
holding company that conducts business through wholly-owned subsidiaries. Griffon oversees
the operations of its subsidiaries, allocates resources among them and manages their
capital structures. Griffon provides direction and assistance to its subsidiaries in
connection with acquisition and growth opportunities as well as in connection with
divestitures. Griffon also seeks out, evaluates and, when appropriate, will acquire
additional businesses that offer potentially attractive returns on capitaL to further
diversify itself.

Griffon currently conducts its operations through Ames True Temper (“ATT), Clopay
Building Products (“CBP”), Telephonics Corporation (“Telephonics”) and Clopay Plastic
Products Company (“Plastics”). CBP and ATT comprise the Home & Building Products operating
segment.

        - Home & Building Products is a leading manufacturer and marketer of
          residential, commercial and industrial garage doors to professional installing dealers
          and major home center retail chains, as well as a global provider of non-powered
          landscaping products that make work easier for homeowners and professionals.
        - Telephonics designs, develops and manufacturers high-technology, integrated
          information, communication and sensor system solutions for use in military and
          commercial markets worldwide.
        - Plastics is an international leader in the development and production of
          embossed, laminated and printed specialty plastic films used in a variety of hygienic,
          health-care and industrial applications.

For more information on Griffon and its operating subsidiaries, please see the
Company’s website at http://www.giffoncorp.com

About The Mahindra Group

The Mahindra Group focuses on enabling people to rise. Mahindra operates in the key
industries that drive economic growth, enjoying a leadership position in tractors, utility
vehicles, information technology, Defence systems, vacation ownership, rural and
semi-urban financial services, etc. Mahindra has a significant and growing presence
amongst others, in the automotive industry, agribusiness, aerospace, automotive
components, consulting services, defence, energy, industrial equipment, logistics, real
estate, retail, steel and two wheelers.

A US $ 14.4 billion multinational group based in Mumbai, India, Mahindra employs more
than 137,000 people in over 100 countries. In 2011, Mahindra featured on the Forbes Global
2000 list, a listing of the biggest and most powerful listed companies in the world. For
four years in a row, Mahindra has featured in the Forbes Asia’s Fab 50 List of the 50 best
publicly traded companies in the Asia-Pacific regions. Dun & Bradstreet also ranked
Mahindra at No. 1 in the automobile sector in its list of India’s Top 500 Companies.

In 2010, Mahindra featured in the Credit Suisse Great Brands of Tomorrow. Its flagship
company Mahindra & Mahindra Limited is the only Indian automobile manufacturer to feature
in the top 10 list of the Carbon Disclosure Leadership Index in India – 2010, created by
the Carbon Disclosure (CDP). In 2011, Mahindra acquired a majority stake in Korea’s
SsangYong Motor Company.

        For further information please contact:
        Mahindra & Mahindra Ltd.

        Ms. Roma Balwani
        Senior VP & Group Head - Corporate Communications
        Mahindra & Mahindra Ltd
        Phone: (+91-22)-24901441
        Email:balwani.roma@mahindra.com

        Rafael Advanced Defence Systems

        Mr. Amit Zimmer
        Vice President, Corporate Spokesman
        Rafael, Advanced Defense Systems Ltd.
        Phone: +972-3-5724710
        Email: amitz@rafael.co.il

        Telephonics Corporation

        Ms. Carrie Petrocca
        Director - Corporate Communications, Telephonics Corporation
        Phone: +1-631-755-7583
        Fax: +1-631-755-7200
        Email: petrocca@telephonics.com

    Photo: 

http://www.newscom.com/cgi-bin/prnh/20110726/471752

SOURCE Mahindra & Mahindra Limited