Taking an initiative to create jobs in India, Reliance Aerostructure Limited (RAL)'s Joint Venture with Rafale fighter jet manufacturer Dassault Aviation Dassault Reliance Aerospace Limited (DRAL) has been integrated.
Eric Trappier, Chairman of Dassault Aviation France, will be the Chairman, and Anil D Ambani, Chairman of Reliance Group, Co-Chairman of DRAL, it was announced at the ongoing Aero India 2017 air show at Yelahanka airbase here.
Reliance Infrastructure Limited (RInfra)-promoted RAL will have 51 per cent shareholding in the JV and Dassault Aviation (DA) will hold 49 per cent, the company said in a statement.
In September 2016, India and France signed a purchase agreement for supply of 36 Rafale fighter jets at a value of ?7.87 billion, or about Rs 60,000 crore.
The contract includes a 50 per cent offset obligation to the tune of approximately Rs 30,000 crore, the largest ever offset contract in the country's history.
Dassault Reliance Aerospace Limited will be a key player in the execution of offset obligations.
DRAL has finalised the Infrastructure requirements at Dhirubhai Aerospace Park at Mihan, Nagpur and the construction work for the greenfield facility will start in May 2017, and production by end-2017, the statement said.
DRAL will execute the programs in phases, with Phase I resulting in the generation of more than 700 highly-skilled direct jobs and 2,800 indirect jobs, it said.
DRAL will support Government of India's 'Make in India' and 'Skill India' policies and develop major Indian programs with high levels of technology transfer to benefit the entire aerospace sector.
The proposed strategic partnership between Dassault and Reliance will also focus on promoting Research and Development projects under the IDDM program (Indigenously Designed, Developed and Manufactured), an initiative of Indian Defence Minister Manohar Parrikar, the statement said.