CCI clears JV between Reliance ADAG and Dassault
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.