New Delhi: India‘s Reliance Infrastructure-promoted Reliance Aerospace today announced a strategic partnership with France‘s Dassault Aviation to form a joint venture in India.
The joint venture is the result of Dassault Aviation inking a Euro 7.8 billion contract to supply 36 Rafale combat jets to the Indian Air Force. Dassault Aviation Chairman and CEO Eric Trappier and Reliance Group Chairman Anil Dhirubhai Ambani announced the creation of the JV.
The new JV will be called the Dassault Reliance Aerospace and it will support Prime Minister Narendra Modi‘s ‘Make in India‘ initiative and ‘Skill India‘ policies of the Government of India, a press release from Reliance Infrastructure said.
The new JV will develop major Indian programmes with high levels of technology transfer to benefit the entire aerospace sector, it said.
“We are delighted to partner a world leader in aviation like Dassault Aviation, and a visionary leader like Eric Trappier. This is a transformational moment for the Indian Aerospace sector and for Reliance Infrastructure’s subsidiary Reliance Aerospace,” Anil Ambani said.
The Dassault Reliance Aerospace JV will be a key player in the execution of offset obligations, as a part of the Rafale jets deal that includes a 50 per cent offset obligation worth about Euro 3 billion, said to be the largest ever offset contract in value.
“The formation of this Joint venture with Reliance Aerospace led by Anil Ambani’s Reliance Group illustrates our strong commitment to establish ourselves in India and to develop strategic industrial partnerships under the ‘Make in India’ policy promoted by the Indian government,” Eric Trappier said.
The proposed strategic partnership between Dassault and Reliance will also focus on promoting research and development projects under the IDDM (Indigenously Designed, Developed and Manufactured) category of Defence Procurement Procedure, a new initiative of India’s Defence Minister Manohar Parrikar.