Competition Commission 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 percent shares, with the remaining 49 percent 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.
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