Reliance Aerostructure-Thales India JV gets CCI approval: Sources

Competition Commission has approved the joint venture between Reliance Aerostructure and Thales India, according to sources.

Reliance Infrastructure-promoted Reliance Aerostructure would have 51 per cent stake in the entity.

The joint venture would be known as 'Thales Reliance Defence Systems'.

Sources said the Competition Commission of India (CCI) has approved the setting up of the joint venture.

Deals beyond a certain threshold require clearance of the fair trade regulator.

The proposal to set up the joint venture was announced in June 2017.

"Leveraging Thales offset commitment as part of the Rafale contract, the joint venture is to develop Indian capabilities to integrate and maintain the radar and electronic warfare sensors," a joint statement from the companies had said last year.

The joint venture would develop skills and activity in the Special Economic Zone of Mihan-Nagpur together with an Indian supply chain for the manufacturing of microwave technologies and high performance airborne electronics, it had said.