As per the FDI norms, Reliance would have a majority stake of 51%, while Tatra would have the remaining 49%.
Two weeks ago, the defence ministry received a letter about the impending JV. As per ET sources, the two companies are planning to partner for maintenance and overhaul facilities, upgrades as well as manufacturing units for the trucks in India and have signed a Memorandum of Understanding (MoU).
The trucks would be manufactured at a new production unit at the Dhirubhai Ambani Defence Park, according to the 'Make in India' initiative. The companies are yet to start the process of registering the company and obtaining manufacturing licences.
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