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Reliance Industries, Dassault Sign Deal for Defense Projects

Discussion in 'Indian Defence Forum' started by IndianTiger, Feb 13, 2012.

  1. IndianTiger

    IndianTiger FULL MEMBER

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    (Updates with Reliance
    spokesman’s comment in
    second paragraph.) Feb. 12 (Bloomberg) -- Reliance
    Industries Ltd., owner of the
    world’s biggest oil refining
    complex, and Dassault
    Aviation SA have signed an
    agreement to explore defense projects jointly, an official at
    the Indian company said. “We’ve signed a preliminary
    agreement with Dassault
    broadly in the defense sector,”
    Tushar Pania, Reliance’s
    spokesman said in a telephone
    interview, after the Press Trust of India earlier reported
    the deal. Dassault emerged last month
    as the lowest bidder to supply
    126 fighter jets to the Indian
    Air Force, and entered into an
    exclusive negotiation with
    the South Asian country’s government over its Rafale
    planes. Indian billionaire Mukesh
    Ambani’s Reliance Industries
    reported on Jan. 20 its first
    quarterly profit drop in two
    years as margins for crude-oil
    refining sank to the lowest in eight quarters