SME Times News Bureau | 22 Jun, 2017
Reliance Infrastructure (RInfra) on Wednesday announced its subsidiary
Reliance Defence's intent to form a joint venture (JV) with French
aerospace and defence electronics major Thales to develop skills and
activity in military hardware.
"The JV is to develop Indian
capabilities to integrate and maintain the radar and electronic warfare
sensors for fighter aircraft," RInfra and Thales said in a joint
statement following the signing of the agreement in Paris.
"The
JV will 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,"
the statement said.
While Reliance Defence will hold 51 per cent stake in the JV, Thales will have the remaining 49 per cent equity.
"Thales
is another major milestone in our march towards best-in-the-class
manufacturing at support facilities for military hardware in India,"
Reliance Group Chairman Anil Ambani said in the statement.
Thales
Chairman Patrice Caine said: "This JV resonates with our strategy to
strengthen our industrial footprint in the country by building
collaborations with the Indian industry."
On Tuesday, another
RInfra subsidiary -- Reliance Defence Ammunition -- entered into a
strategic partnership with Serbia's Yugoimport to work together in
ammunition manufacturing in India with a projected minimum requirement
valued at Rs 20,000 crore over the next 10 years from the Indian armed
forces.
