The Competition Commission of India (CCI) has approved the joint venture between Reliance Infrastructure-promoted Reliance Aerostructure Ltd and France's Dassault Aviation, Reliance Infra said in a notification to the BSE.
The Competition Commission of India (CCI) has approved the joint venture between Reliance Infrastructure-promoted Reliance Aerostructure Ltd and France's Dassault Aviation, Reliance Infra said in a notification to the BSE.
The joint venture entity will be called Dassault Reliance Aerospace Ltd with reliance Aerostructure holding 51% shareholding in the JV and Dassault holding 49%.
The Rafale and Falcon-maker has delivered over 8,000 military and civil aircraft to over 90 countries in the last 60 years and is equipped to offer recognized know-how and experience in the design, development, sale and support of all types of aircraft. Reliance Infrastructure is one of the largest infrastructure companies, developing, projects through various Special Purpose Vehicles (SPVs) in several high growth sectors such as Power, Roads, and Metro Rail in the infrastructure space and the defence sector.
The shares of Reliance Infrastructure and Dassault Aviation were trading up 1.39% at Rs 545.25 apiece from previous close.
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% 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.
(With inputs from PTI)
){kind=small}
){kind=small}
){kind=small}
){kind=small}
){kind=small}
){kind=small}
){kind=small}
){kind=small}
){kind=small}
){kind=small}
){kind=small}
){kind=small}
){kind=small}
){kind=small}
){kind=small}
){kind=small}
){kind=small}
){kind=small}
 "Representational image")
){kind=small}
){kind=small}
){kind=small}
){kind=small}
){kind=small}
)
){kind=small}
){kind=small}
)
)
)
)
)
){kind=small}
){kind=small}
){kind=small}
){kind=small}
){kind=small}