A Dassault Aviation-Reliance Group joint venture which was formed with a purpose to execute significant offsets for the Rs. 58,000 crore Rafale fighter jet deal, plans to build and supply military combat aircraft on a "worldwide basis".
As per a exclusive story on Economic Times, Reliance Aero, which was incorporated in April 2015 by the Anil Ambani-controlled Reliance Group, will hold 51 per cent of the share in the joint venture with Dassault holding the rest, according to a clearance application filed before Competition Commission of India.
The joint venture was announced in October.
The Rafale fighter jet deal entails an offsets component money that has to be invested by the company into the Indian defence and aerospace sector of over Rs 25,000 crore.
While a part of the offsets will go towards technology acquisition by the Defence Research and Development Organisation (DRDO), a major chunk will go into setting up of manufacturing facilities in India.