The Competition Commission of India (CCI) on Tuesday is believed to have approved the joint venture between Reliance Infrastructure-promoted Reliance Aerostructure and Thales India.
The joint venture will be known as Thales Reliance Defence Systems (TRDS).
The proposed company will have a shareholding of 51 per cent and 49 per cent, respectively, sources told BusinessLine.
Aerospace Tech
The joint venture, which is part of Thales’ offset plan for the Rafale fighter jet deal, demonstrates “long-term commitment to the high technology aerospace industry in India”, said an official on condition of anonymity. Thales’ share in the total offset is about $1 billion and new joint venture company TRDS will be executing this offset at the mammoth Dassault-Reliance Aerospace manufacturing facility in Mihan, Nagpur.