Dassault Aviation buys 2% stake in JV with Anil Ambani's Reliance, taking majority control

Reliance Infrastructure RELINFRA said its unit would sell a 2% stake in its Indian joint venture to its partner, Dassault Aviation AM, making the French fighter plane maker a majority owner of the firm with a 51% stake.

The deal will fetch the Anil Ambani group company - which will hold a 49% stake - 1.76 billion rupees (nearly $20 million) and is expected to be closed by November 1, Reliance Infrastructure said in an exchange filing on Friday.

Dassault Reliance Aviation currently makes parts for the Rafale fighter aircraft used by India's air force, as well as some components for Dassault's Falcon 2000 business jets.

($1 = 88.2516 Indian rupees)