CCI clears JV be­tween Re­liance ADAG and Das­sault

SP's MAI - - CORPORATE NEWS -

The Com­pe­ti­tion Com­mis­sion of In­dia has ap­proved the pro­posed joint ven­ture be­tween Anil Am­bani-led group firm Re­liance Aerostruc­ture and Rafale-maker Das­sault Avi­a­tion. 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 2016, aims to be a ‘key player’ in ex­e­cu­tion of off­set con­tract worth about ` 22,000 crore as part of the multi­bil­lion-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 the De­fence Min­is­ter Manohar Par­rikar.

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