Competition Commission
today approved the proposed joint venture between Anil Ambani-led group firm
Reliance Aerostructure and Rafale-maker Dassault Aviation, one of the major
deals in India's private defence industry.
The proposed combination relates to the setting up of a joint
venture between Reliance Aero and Dassault -- Dassault Reliance Aerospace
Limited, in which Reliance Aero would hold 51 per cent shares, with the
remaining 49 per cent to be held by Dassault.
Fair trade regulator CCI said in a tweet that it has approved
setting up of this JV. Deals beyond a certain threshold require approval from
CCI, which keeps a tab on unfair business practices across sectors.
The JV, which was announced by the two companies in October
last year, aims to be a "key player" in execution of offset contract
worth about Rs 22,000 crore as part of the multi-billion euro Rafale fighter
jet deal between India and France.
The strategic partnership between Dassault and Reliance will
also focus on promoting research and development projects under the IDDM
programme (Indigenously Designed, Developed and Manufactured), a key initiative
of Defence Minister Manohar Parrikar.
Source :- Business Standard
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