Reliance Defence will be a majority shareholder with 51% of the new company's shares while Thales will hold 49% f shares in the joint venture. "The joint venture will develop… 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," Reliance Defence said in a statement.
"We are delighted to seal this strategic collaboration with Reliance Defence Limited. This joint venture resonates with our strategy to strengthen our industrial footprint in the country by building collaborations with the Indian industry. It reaffirms our commitment to India, and our active contribution to "Make in India"," Patrice Caine, Chairman and CEO, Thales, said.
"The strategic partnership with global leader Thales is another major milestone in our march towards best in class manufacturing at support facilities for military hardware in India," Anil Ambani, Chairman, Reliance Anil Dhirubhai Ambani Group, said.