The mystery of Reliance subsidiaries receiving defence-manufacturing licences

On 10 April 2015, during his first prime ministerial visit to France, Narendra Modi announced a government-to-government deal to purchase 36 Rafale jets that were to be manufactured by the French company Dassault Aviation, in “fly-away” condition.

As per procedure, any foreign defence-manufacturer selling to India is required to reinvest part of the total cost of the deal into India—known as “offsets.” In September 2016, Manohar Parrikar, the defence minister at the time, and his French counterpart signed the Rafale deal.

It was reported to be worth €7.87 billion—roughly Rs 59,000 crore—and Dassault was required to reinvest half that value in India. Read More

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