Fair trade regulator, Competition Commission (CCI) today approved the proposed joint venture between Indian Reliance Aerostructure and French Dassault Aviation. The proposed combination relates to the setting up of a joint venture between Reliance Aero and Dassault -- Dassault Reliance Aerospace Limited, in which Reliance Aero would hold 51 per cent shares, with the remaining 49 per cent to be held by Dassault.
CCI said in a tweet Friday that it has approved setting up of this JV. Deals beyond a certain threshold require approval from CCI, which keeps a tab on unfair business practices across sectors. The JV, which was announced by the two companies in October last year, aims to be a "key player" in execution of offset contract worth about Rs 22,000 crore as part of the multi-billion euro Rafale fighter jet deal between India and France.