The Competition Commission of India (CCI) on Tuesday is believed to have approved the joint venture between Reliance Infrastructure-promoted Reliance Aerostructure and Thales India.
The joint venture will be known as Thales Reliance Defence Systems (TRDS).
The proposed company will have a shareholding of 51 per cent and 49 per cent, respectively, sources told BusinessLine .
The joint venture, which is part of Thales’ offset plan for the Rafale fighter jet deal, demonstrates “long-term commitment to the high technology aerospace industry in India”, said an official on condition of anonymity. Thales’ share in the total offset is about $1 billion and new joint venture company TRDS will be executing this offset at the mammoth Dassault-Reliance Aerospace manufacturing facility in Mihan, Nagpur.