Reliance Infrastructure today said its defence unit Reliance Aerostructure Ltd’s proposed joint venture with Dassault Aviation has received clearance from the Competition Commission of India (CCI).
“Reliance Infrastructure Ltd—promoted Reliance Aerostructure Ltd’s proposed JV with Dassault Aviation has received the CCI clearance,” Reliance Infrastructure (RInfra) said in a statement.
The JV company is proposed to be named as ‘Dassault Reliance Aerospace Ltd’ (DRAL).
Reliance Aerostructure Ltd (RAL) will have 51 per cent shareholding in the JV while Dassault Aviation (DA) will hold 49 per cent.
In October last year, Reliance Group had entered into a strategic partnership with Dassault Aviation of France (Rafale) to execute the largest Defence Offset contract worth up to Rs 30,000 crore.
This was subsequent to Dassault Aviation getting a contract for the supply of 36 Rafale fighter aircrafts from the Government of India for Rs 60,000 crore with 50 per cent offset clause.
The execution of offset clause will bring in the largest FDI in defence sector till date, expected to be more than 10 times the total FDI in entire defence sector in India in last 10 years.
Comments
Comments have to be in English, and in full sentences. They cannot be abusive or personal. Please abide by our community guidelines for posting your comments.
We have migrated to a new commenting platform. If you are already a registered user of TheHindu Businessline and logged in, you may continue to engage with our articles. If you do not have an account please register and login to post comments. Users can access their older comments by logging into their accounts on Vuukle.