The “Dassault Reliance Aerospace” Joint Venture will be a key player in the execution of offset obligations, as a part of the 36 Rafale fighter Jets purchase agreement at a value of €7.87 billion, or about Rs.59,000 crore signed between France and India on September 23, 2016.
Dassault Aviation Chairman & CEO Eric Trappier and Reliance Group Chairman Anil Dhirubhai Ambani announced today the creation of a Joint Venture in India.
This new joint venture 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 proposed strategic partnership between Dassault and Reliance 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” Joint Venture will be a key player in the execution of offset obligations, as a part of the 36 Rafale fighter Jets purchase agreement at a value of €7.87 billion, or about Rs.59,000 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.
“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”, declared Eric Trappier, Dassault Aviation Chairman & CEO.
“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”, said Anil Ambani, Chairman of The Reliance Group.
Reliance Infrastructure Ltd is currently trading at Rs. 582.55, up by Rs. 30.65 or 5.55% from its previous closing of Rs. 551.9 on the BSE.
The scrip opened at Rs. 555 and has touched a high and low of Rs. 584.45 and Rs. 554 respectively. So far 2484173(NSE+BSE) shares were traded on the counter. The current market cap of the company is Rs. 14514.42 crore.
The BSE group ‘A’ stock of face value Rs. 10 has touched a 52 week high of Rs. 635.35 on 09-Sep-2016 and a 52 week low of Rs. 346.25 on 01-Oct-2015. Last one week high and low of the scrip stood at Rs. 616.8 and Rs. 534.75 respectively.
The promoters holding in the company stood at 48.36 % while Institutions and Non-Institutions held 35.83 % and 12.68 % respectively.