Anil Ambani-owned Reliance Infra share price hits 5% upper circuit as subsidiary partners with Dassault Aviation
Anil Ambani-owned Reliance Infra shares hit a 5 per cent upper circuit in intraday trade on the BSE on Wednesday, June 18, after the company announced its subsidiary had partnered with Dassault Aviation to manufacture Falcon 2000 jets in India. Reliance Infrastructure share price opened at ₹ 365.95 against its previous close of ₹ 367.70 and jumped 5 per cent to hit its upper circuit of ₹ 386.05.
Through an exchange filing during market hours on June 18, the Anil Ambani-owned firm announced that its subsidiary Reliance Aerostructure Limited had entered a strategic partnership with Dassault Aviation to manufacture Falcon 2000 business executive jets in India for the global markets.
"Dassault Aviation and Reliance Infrastructure's subsidiary, Reliance Aerostructure Limited (RAL), today at the Paris Air Show announced a landmark strategic partnership to manufacture Falcon 2000 business executive jets in India for the global markets. The partnership represents a significant step in advancing India's aerospace manufacturing capabilities," Reliance Infrastructure said in its exchange filing on June 18.
According to Reliance Infra, Dassault Aviation will manufacture Falcon 2000 jets outside of France for the first time in its storied history.
"This pioneering initiative will see India emerge as a strategic centre for high-end business jet manufacturing. It marks a historic moment for Indian aerospace and the manufacturing industry, as the landmark agreement paves the way for India's entry into the elite club of countries producing next-generation business jets, alongside the United StatesFrance, Canada, and Brazil," the company said.
According to the exchange filing, Dassault Aviation will also transfer the assembly of the front section of Falcon 8X and Falcon 6X, in addition to the wings and complete fuselage assembly of Falcon 2000, to DRAL. The transfer of assembly operations combined with major facility upgrades will pave the way for the first flight of Falcon 2000 'Made in India' from Indian soil by 2028.
Reliance Infrastructure share price has been on a roll over the last year, surging 83 per cent , despite market volatility.
Year-to-date, the stock has gained 21 per cent, hitting a 52-week high of ₹ 421 recently on June 11. The stock hit a 52-week low of ₹ 169.75 on July 23 last year.
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