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India’s competition watchdog has given the go-ahead for a €4bn deal between Reliance Group and France’s Dassault to help build a fleet of new fighter jets.

Reliance, whose chairman Anil Ambani is one of India’s richest men, will take 51 per cent of a new joint venture to help build 36 Rafale fighter jets, which France agreed to sell to India in September. Dassault will control the rest of the new company, which will be called Dassault Reliance Aerospace Limited.

The deal will provide a major boost for Mr Ambani’s attempts to reposition his indebted company at the forefront of the Indian defence sector.

Copyright The Financial Times Limited 2017. All rights reserved.

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