Reliance Anil Ambani group said itś unit Reliance Aerospace entered into a joint venture with Dassault Aviation, a French aircraft manufacture.
The partnership between Reliance and Dassault will also focus on promoting Research and development projects under the IDDM program (Indigenously Designed, Developed and Manufactured), a new initiative of India’s Defence Minister Manohar Parrikar.
The “Dassault Reliance Aerospace” will focus in the execution of offset obligations, as a part of the 36 Rafale fighter Jets purchase agreement at a value of €7.87 billion (Rs 59 crore) signed between France and India on September 23, 2016.
The agreement includes a 50% offset obligation which is the largest ever offset contract in the history of India. Offset obligation means part of the components must be made locally.
It is not clear how much of the local production would be done through this new joint venture.
Dassault Aviation SA is an international French aircraft manufacturer of military, regional, and business jets, a subsidiary of Dassault Group. It was founded in 1929 by Marcel Dassault and the Éclair propeller as Société des Avions Marcel Bloch or “MB”.
´The JV called “Dassault Reliance Aerospace” will support Prime Minister Modi’s “Make in India” and “Skill India” policies and develop major Indian programs with high levels of technology transfer to benefit the entire aerospace sector,´ the Indian aerospace company said.
The company said it has delivered 8,000 military and civil aircraft delivered to more than 90 countries over the past 60 years.
The company has 12,000 employees.
In 2015, Dassault Aviation reported revenues of €4.20 billion (313.64 crore).