Reliance defence inks deal with Rafael

Anil Ambani-led Reliance Defence said on Tuesday that it has inked a pact with Israel’s Rafael Advanced Defence System to set up a joint venture firm in India for specialised areas including air missiles, air defence systems and observation balloons.

“Based on the current requirements, joint venture will address multiple programmes valued at more than Rs 65,000 crore over next ten year,” said Reliance.

The project will have an initial capital outlay of more than Rs 1,300 crore, without including the cost of technology.

It said that JV will mark the entry of Reliance Defence in the complex field of air to air and air defence systems manufacturing in India.

Reliance and Rafael joint venture will have 51 per cent holding from Reliance Defence and 49 per cent by Rafael as per the current guidelines of the government.