Shri Rajiv Mehrishi, Comptroller and Auditor General of India, Pocket-9, Deen Dayal Upadhyaya Marg, New Delhi, Delhi 110124

MEMORANDUM

September 19, 2018

Attn: - Shri Rajiv Mehrishi, Comptroller and Auditor General of India, Pocket-9, Deen Dayal Upadhyaya Marg, New Delhi, Delhi 110124

Subject: - Loss to Public Exchequer, endangering of National Security, by-passing Public Sector Undertaking- Hindustan Aeronautics Limited (HAL), benefitting Crony Friends, & Violating the Mandatory Provisions of ‘ Defence Procurement Procedure’ in the unilateral purchase of 36 Rafale Jets from Dassault Aviation.

Sir,

The Government of India is unforgivably guilty of compromising ‘National Interest’ & ‘National Security’. The manner in which the deal to buy Medium Multi-Role Combat Aircrafts was suddenly ‘shelved’, the ‘shoddy cover-up’, the ‘self-defeating assertions’ & the ‘deliberate lies’ have caused grave apprehensions in the minds of the Indian people vis-à-vis a major scandal in the purchase of 36 Rafale Fighter Jets. Insurmountable loss caused to public exchequer stands exposed as Government refuses to ‘state the truth’, as also place facts in public domain. Modi Government remains ‘opaque’, ‘intransient’, ‘obscure’ & ‘obstinate’ to cover up the ‘Rafale Scam’

Factual Matrix:-

1. On 20.08.2007, UPA Government floated a tender for purchase of 126 ‘Medium Multi Role Combat Aircrafts’ (MMRCA). Indian Air Force found two aircrafts technically equal i.e. ‘Rafale’ and ‘Eurofighter Typhoon. Incidentally, the ‘Request For Proposal’ (RFP) in the UPA tender had made it clear that the bids were to be inclusive of ‘cost of initial purchase, transfer of technology, licensed production, etc’ (Annexure A1).

2. Pursuant to the technical shortlisting, financial bids were invited. On 12.12.2012, Rafale emerged as L-1 vendor with a publically disclosed price of US$ 10.2 billion. (£6.3bn) [₹ 66.300 Cr i.e 526.1Cr per aircraft ] (Exchange Rate: ₹ 65 = 1US$ ) Out of 126 aircrafts, 18 aircrafts were to come from France in ‘fly away condition’ with remaining 108 aircrafts being manufactured in India by Public Sector Undertaking (PSU), Hindustan Aeronautics Limited (HAL) with transfer of technology. In addition, there was a 50% offset clause requiring the Dassault Aviation to invest 50% of the sale price by way of investment in India. (Annexure A2)

Even as per authoritative figures for Rafale pricing released by the French Senate in 2013-14, cost of Rafale aircraft comes to Rs 527 Cr per aircraft (Euro 68.8 Million) [Relevant extract from the ‘2014 Finance Bill: Defense: Equipment of the Forces and Technological Excellence of the Defense Industries’ from the French Senate is attached as Annexure 2A (French) and Annexure 2B (English). Link is - http://www.senat.fr/rap/a13-158-8/a13-158-814.html ]

3. On 13.03.2014, a ‘Work share Agreement’ worth approximately ₹36,000 Cr was signed between HAL and Dassault Aviation. 70% work of 108 Aircrafts to be made in India was to be done by HAL and 30% by Dassault Aviation. (Annexure A3)

Even in the Annual Report, 2013 of Dassault Aviation, Mr. Eric Trappier, Chairman and CEO claimed that HAL was its partner in the Rafale Deal for manufacture of 108 aircrafts (Relevant Extract of the Annual Report is attached Annexure A4)

4. On 26th May 2014, Modi Government came to power. PM, Shri Narendra Modi visited France on 10th April, 2015. Two days before his visit, an official briefing by the Foreign Secretary, Shri S Jaishankar was held on 8th April, 2015. In his briefing, Foreign Secretary stated that “in terms of Rafale, my understanding is, discussions were underway between the French Company, our Ministry of Defence, the HAL which is involved in this. There are ongoing discussions. These are very technical, detailed discussions. We don’t not mix up leadership even in the security field.” (Annexure A5)

Two facts stand out:-

[i] There were ongoing negotiations between Defence Ministry, Dassault Aviation and HAL for purchase of 126 Rafale, 108 out of which were to be manufactured by HAL. And;

[ii] That PM Shri Modi would not be involved in the purchase of Rafale aircrafts as the issue was of a technical nature.

5. Despite this public admission by the Foreign Secretary, Prime Minister, Shri Narendra Modi unilaterally announced ‘off-the-shelf’ purchase of 36 Rafale aircrafts in Paris on 10th April, 2015.

In fact the India-France joint statement dated April 10th, 2015 issued by French President, Mr Francois Hollande and PM Shri Narendra Modi clearly stated that the aircrafts would be cheaper as also that the aircrafts would have the same systems, i.e avionics and weapons as per the configuration that had been decided by Indian Air Force. These configurations were decided at the time of tender issued by the UPA-Congress Government. Relevant portion of the statement reads as follows:

“The two leaders agreed to conclude an Inter-Governmental Agreement for supply of the aircraft on terms that would be better than conveyed by Dassault Aviation as part of a separate process underway; the delivery would be in time-frame that would be compatible with the operational requirement of IAF; and that the aircraft and associated systems and weapons would be delivered on the same configuration as had been tested and approved by Indian Air Force, and with a longer maintenance responsibility by France.”(Annexure A6)

Two implications of the joint statement were: [i] the price of the 36 Rafales would be cheaper than what had already been negotiated. In any event, as the aircrafts were being supplied in “fly-away condition”, they had to be cheaper than the 126 Rafales that Dassault had bid to supply in the MMRCA tender with Transfer of Technology. Moreover, [ii] the aircraft and systems were to be “on the same configuration as had been tested and approved by the IAF in the MMRCA evaluation.” That clear and emphatic affirmation in the joint statement nails the falsehood that has been spread since then – namely, that the price per aircraft is so much higher because of some novel “India specific enhancements” in the 36 Rafales now contracted.

On return of Prime Minister from France, Modi Govt proceeded to cancel the tender for purchase of 126 Rafale aircrafts on 24th June, 2015. Moreover in pursuance of the announcement dated 10th April, 2015 of PM Modi for purchase of 36 ‘off-the-shelf’ Rafale aircraft, a final agreement was signed on 23rd December 2016.

6. That, while announcing the ‘Rafale Deal’ on 10th April, 2015, PM Modi violated the mandatory ‘Defence Procurement Procedure’.

(i) No mandatory prior approval of ‘Cabinet Committee on Security’ was taken before announcing purchase of 36 Rafale aircrafts on 10th April, 2015. (ii) Mandatory requirement of ‘Defense Procurement Procedure’ for ‘Price Discovery’ through the instrumentalities of ‘Contract Negotiation Committee’ (CNC) and ‘Price Negotiation Committee’ (PNC) were not followed by the PM. (iii) ‘Transfer of Technology’ to PSU, HAL for manufacture of Rafale aircrafts in India was also sacrificed by PM, Shri Narendra Modi.

Not only this, the decision of the Prime Minister, Shri Narendra Modi in proceeding to announce purchase of 36 Rafale Aircrafts ‘off-the-shelf’ on 10th April, 2015, when an international tender was already under negotiation as also the subsequent cancellation of the international tender on 24th June, 2015, is clearly violative of the ‘Defence Procurement Procedure’.

7. That the price of ‘off-the-shelf’ purchase of 36 Rafale aircrafts announced by PM, Shri Narendra Modi on 10th April, 2015 in Paris, France is Euro 7.5 Billion (₹ 1670.70 Cr per aircraft). This price has been disclosed by Dassault Aviation in its Annual Report, 2016 (Annexure A7) as also Press Release dated 16.02.2017 of Reliance Defence Limited (Annexure A8)

That, as against the originally negotiated price of UPA deal, Modi Govt’s purchase price is over 300% higher, involving an extra outflow of money from public exchequer of ₹ 41,000 Cr approximately

8. Not only this, Rafale-Dassault Aviation also sold 48 Rafale aircrafts to two other countries i.e Egypt and Qatar (24 each) in 2015. Annual Report, 2016 of Dassault Aviation reflects the price of 48 aircrafts as Euro 7.9 billion as against the price of 36 Rafale aircrafts sold to India for Euro 7.5 Billion. Per aircraft price of Rafale aircraft sold to Egypt/Qatar comes to ₹ 1319.80 Cr as against the price per aircraft of ₹1670.70 Cr being paid by India. Even when compared with these two countries, India is paying an extra amount of ₹350.90 Cr per Rafale aircraft over the same price paid by Egypt/Qatar. Total extra payment by India would be ₹12,632 Cr approximately. (Annexure A7, referred to above)

9. In the originally invited tender for MMRCA by UPA-Congress Govt, Rafale and Eurofighter Typhoon were found equal on all technical fronts. Rafale became L1 in the financial bid. However, after the induction of Modi Govt, Eurofighter Typhoon admittedly wrote a letter dated 4th July, 2014 to the then Defence Minister, Shri Arun Jaitley offering to reduce the price by 20% (Annexure A9).

Once PM Modi had decided to make a fresh purchase of Rafale on 10th April, 2015, both companies i.e Rafale and Eurofighter Typhoon should have been asked to bid afresh through ‘Inter Governmental Agreement’ (IGA) route so as to arrive at the lowest price in favour of public exchequer. This would have immensely benefitted India’s public treasury. Its negation and consequence financial loss itself creates serious doubts on the intent and action of Modi Govt.

10. That soon after the announcement for purchase of 36 Rafale aircrafts ‘off-the-shelf’ by PM, Shri Narendra Modi; the biggest body blow was dealt on the interest of Public Sector Undertaking, HAL, as they were by-passed without any reason or justification for execution of the ‘offset contract’ worth over ₹30,000 Cr.

In a classic case of ‘crony capitalism’, Modi Govt ensured that a ₹30,000 Cr worth ‘offset contract’ was given to Reliance Defence Limited- a private company with zero experience of manufacturing fighter aircrafts. (Please See Press Release of Reliance Defence as Annexure A8, Investor Presentation of R Infra as Annexure A10 and Annual Report, 2016 of Dassault Aviation as Annexure7)

Reliance Infra and Reliance Defence Ltd. now also claim to have secured an additional ₹1,00,000 Cr (1 Lakh Cr) of ‘Lifecycle Cost Contract’ over and above the ₹ 30,000 Cr ‘offset contract’, taking the total value to be an astounding ₹1,30,000 Cr (Please See Reliance Infra’s Investor Presentation as Annexure A10)

11. While Dassault Aviation and Reliance Defence Ltd. claim that a ₹30,000 Cr offset contract has been awarded (Annexures A7, A8 & A10, referred to above), Defence Minister, Smt. Nirmala Sitharaman in a press release dated 7.02.2018 claimed that no offset contract had been awarded (Annexure A11). These lies were being dished out to mislead the country despite the fact that French Defence Minister met Smt Nirmala Sitharaman in Delhi in the morning and then proceeded to lay the foundation stone of Reliance Defence Factory in Mihan, Nagpur accompanied by Union Minister, Shri Nitin Gadkari, Chief Minister, Shri Devendra Fadnavis and Shri Anil Ambani on 28.08.2015.

To the say the least, this apparent lack of knowledge of awarding of the ‘offset contract’ to a private company i.e Reliance group on part of the Defence Minister, Smt. Nirmala Sitharaman is intriguing and unexplainable.

12. The biggest shocker - Reliance Defence Ltd. (which got the offset contract from Rafale-Dassault Aviation for ₹ 30,000 Cr) was incorporated on 28th March, 2015 i.e 12 days before the announcement of purchase of 36 Rafale aircrafts by PM in France on 10th April, 2015. (Copy of incorporation proof is Annexure A12)

Not only this, Modi Govt gave the license to manufacture fighter aircrafts to another Reliance company called Reliance Aerostructure Ltd. Even Reliance Aerostructure Ltd was incorporated on 24th April, 2015 i.e 14 days after the announcement of purchase of 36 Rafale aircrafts by PM in France on 10th April, 2015. (Annexure A13)

This by itself tells a unique story.

13. ‘Defence Offset Contract Guidelines’ (Extract attached as Annexure A14) of Defence Ministry warrant that permission of Defence Minister is necessary for granting the ‘offset contract’. Guidelines also require that ‘offset contract’ has to be countersigned by the ‘Acquisition Manager’ of the Defence Ministry. (Para 8.6 of the Offset Guidelines) Every Offset Contract has to be audited on a six monthly basis by the Defence Ministry and a final report has to be submitted to the ‘Defence Acquisition Council’ (Para 8.17 of the Offset Guidelines) In the present case, these guidelines have been violated with impunity as the Defence Minister claims that no ‘offset contract’ has been signed as on 12th February, 2018, while the press release of Reliance Defence (Annexure 8) , Investor Presentation of R Infra (Annexure10) and Annual Report, 2016 of Dassault Aviation (Annexure 7) establish otherwise.

14. During a discussion in Parliament on ‘No Confidence Motion’, Prime Minister, Shri Narendra Modi and Defence Minister, Smt. Nirmala Sitharaman refused to disclose the purchase price of 36 Rafale aircrafts by citing a ‘Secrecy Clause’ in terms of an Agreement between India and France dated January 25th, 2008.

The said agreement nowhere prohibits disclosure of ‘commercial cost’ of procurement of aircrafts. (Refer Pages 2416-2425 (document page 2266 to 2275) in https://mea.gov.in/Uploads/PublicationDocs/177_foreign-relations-2008.pdf - Relevant portion attached as Annexure A15)

The scope of the agreement only extends to tactical and technical details of weaponry relating to the capability of the platform in question, and its performance and tactics in combat and does not include commercial details and costs. It is clear that PM and Defence Minister misled the Nation.

This is inspite of a commitment to make full public disclosure of the price of the 36 Rafale aircrafts on 17th November, 2017 by the Defence Minister, Smt. Nirmala Sitharaman (Copy of the video link is - https://bit.ly/2vRmBF1 )

Outright refusal of Prime Minister and Defence Minister in not disclosing the purchase price of 36 Rafale aircrafts is even more intriguing when viewed in light of the fact, that both Dassault Aviation and Reliance Defence have disclosed the price in the Annual Report, 2016 and the press release dated February 16, 2017 (Annexure A7 & A8, referred to above)

15. While the PM, Shri Narendra Modi’s desperation in Parliament on 20th July, 2018 was apparent when he attempted to hide behind the statement of French Government for not disclosing the price, PM’s stand is belied by the fact that the French President, Mr. Emmanuel Macron gave a public interview on 8th March, 2018 to a prominent news channel stating that “if the Modi government wanted to disclose some of the details to be revealed to the opposition and Parliament, he won’t interfere in such a discussion (Annexure16 and https://bit.ly/2FB6DWl)

Despite all above, refusal of Prime Minister and Defence Minister to disclose the price reeks of a ‘Huge Scam’.

16. Lies of PM and Defence Minister are simply exposed by the fact that UPA-Congress had disclosed the commercial purchase price of various defence deals including the French MIRAGE Aircraft and the Sukhoi aircraft on the floor of the Parliament (Annexure 17). To illustrate:-

a) Unstarred Question No: 2822 in the Lok Sabha, dated 15.03.2010 where the revised cost of USD 2330 million for acquiring INS Vikramaditya was made public by the then Defence Minister Shri A K Antony b) Unstarred Question No: 941 in the Lok Sabha dated 04.03.2013, where the cost of upgradation of Mirage Aircraft is clearly mentioned. c) Unstarred Question No: 2318 in the Lok Sabha dated 09.08.2010, where the estimated cost of procuring Sukhoi Aircrafts is mentioned. d) A press release by the Ministry of Defence on Kaveri engine development project was revealed on February 23, 2011

What is significant to point out that despite the so called ‘secrecy agreement’ dated 25th January, 2008, commercial price of the French fighter jet MIRAGE manufactured by Dassault Aviation was disclosed by the then Defence Minister, Shri A K Antony.

Hence the entire story weaved by Prime Minister and Defence Minister for non-disclosure of purchase price reeks of a ‘Huge Scam’

17. That as decided by Indian Air Force in the year 2000 (NDA Government’s Tenure), the minimum operational requirement of Indian Air Force was 126 fighter aircrafts in order to supplement and substitute it’s ageing fleet of MiG 21. Neither the Prime Minister, nor the Defence Minister has disclosed the justification for reducing the number of aircrafts to be purchased from 126 to just 36. No one knows as to how was this wholly arbitrary figure of 36 aircrafts arrived at by PM, Shri Narendra Modi on 10th April, 2015 in France. Neither was the Indian Air Force taken into confidence, nor was the requirement adjudged by Cabinet Committee on Security (CCS) or Defence Acquisition Council.

Not only this, Prime Minister, Shri Narendra Modi justified ‘off-the shelf’ purchase of 36 Rafale aircrafts as ‘Emergency Purchase’. Yet, despite the expiry of our 3 years from 10th April, 2015; not a single aircraft has been delivered so far. It is now stated that the first aircraft will only be delivered by September 2019, with the final aircraft delivery going up to the year 2022. This 8 year delay by itself proves that the National Security and our Defence preparedness have been severely compromised by Modi Govt.

18. Claim of Modi Govt that cost is increased on account on additional technical specifications is blatantly false. In fact, the Rafale aircraft being purchased earlier (UPA-Congress Govt) and now (Modi Govt) including ‘its associated systems and weapons’ are the same as tested and approved by Indian Air Force during UPA-Congress Govt. This is proved by a Joint Statement dated 10th April, 2015 issued by French President Mr. Francois Hollande and Prime Minister, Shri Narendra Modi which reads “…that the aircraft and associated systems and weapons would be delivered on the same configuration as has been tested and approved by Indian Air Force…” (Please See Annexure A6, highlighted portion, paragraph 14)

19. That, as per law, the Government is bound to provide full information to the Comptroller and Auditor General (CAG). Entire deal, its contours, nature of contract, absence of favoritism and the principles of level playing field are part of CAG’s domain to examine and to return a finding.

Even otherwise, Government is bound to disclose the price of 36 aircrafts to scrutiny by CAG, in accordance with law. Besides, there has to be a similar disclosure to the Public Accounts Committee (PAC), Chief Vigilance Commission (CVC), and Parliamentary Standing Committee on Defence

20. The above facts reflect a clear-cut case of loss to public exchequer, deliberate by passing of Public Sector Undertaking, HAL, offset contract worth over ₹30,000 Cr and Life Cycle Cost Contract worth approximately ₹ 1 Lakh Cr being extended to a private entity with zero experience of manufacturing aircrafts and endangering our National Security apparatus.

We, therefore, request the CAG to undertake its constitutional duty by conducting a time bound special and forensic audit by examining the record threadbare, so that the truth is told to the people of India in a comprehensive and transparent manner affixing the responsibility of Modi Government.

Warm Regards,

Yours Sincerely

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1 VISION

“Higher together”: every day, this desire becomes a reality. Each of our aircraft embodies our mastery of the most advanced technologies, put to the service of our clients. These technologies contribute to our customers’ independence and their management of time, space, decisions and actions, worldwide. Our longevity is founded on pragmatic technical and industrial choices that respect ethical, social and environmental imperatives. As a pivotal part of a high value-added strategic industry, our Group plays its part in the development of the activity of a wide range of high-flying companies, laboratories and teaching establishments. Thanks to the skills and experience of our teams, the know-how that we develop is unique in Europe, and shared with numerous French and international partners.

Over Over 8,000 28 11,600 72% aircraft delivered million employees, of our aircraft worldwide hours of more than 9,000 produced over since 1945 flight time based in France the past 50 years have been exported

A major contributor to national sovereignty and at the vanguard of the digital-industrial revolution, Dassault Aviation is the only corporate Group in the world to design, manufacture and support both combat aircraft (instruments of political independence) and business jets (tools for work and economic development). Our brands: Rafale, Falcon, nEUROn, and Mirage. 2013 ANNUAL REPORT DASSAULT AVIATION

Interview with Éric Trappier, Chairman and CEO of Dassault Aviation

After a year at the head of Dassault Aviation, What is the situation in the Defense sector? what is your strategy? “In France, we have been able to comply with the broad “Dassault Aviation is an extremely proactive Company lines of the LPM (French military procurement plans) for built on solid foundations, with innovation and customer 2014-2019. The French Ministry of Defense has made satisfaction as its prime objectives. Although faced with several major commitments: maintaining a minimum powerful competition, we have always been able to take on production rate of eleven Rafales a year (implementation this challenge by proposing products that stand out for their modes being tied in with export successes); the launch performance and quality. Alongside Loïk Segalen, the Chief of the F3-R standard for the Rafale; the modernization Operating Officer, our permanent ambition is to develop the of the Atlantique 2 maritime patrol aircraft; and the Rafale civil and military expertise of this jewel in the crown of the Care support contract. [French Defense Minister] Jean-Yves aviation industry, while promoting major partnerships. In a Le Drian also announced that, ultimately, the Armed Forces word, Dassault Aviation remains a high-tech, fundamentally would be equipped with a homogeneous fleet of 225 export-driven Company that is open to the world and turned Rafales, which establishes the principle – fundamental for toward the future.” our aircraft – of a future ‘tranche 5’. The Rafale has once again demonstrated its exceptional In the civil domain, how would you sum up the operational capability, in Mali. It is, however, vital that we past year? finalize a Rafale export contract for India, or elsewhere. “In a particularly incident-packed year, one of the main Last but not least, the satisfaction of our military clients things that stands out for me is the arrival of a brand-new involves us reinforcing our support for aircraft already in aircraft: the Falcon 5X. Unveiled last October at the NBAA service, with the Rafale Care offering, a new service standard Convention in Las Vegas, it is the latest addition to our for the Armed Forces, for which an extension to the Mirage range. It has been extremely well received by our clients 2000 will be proposed.” and by industry experts, and has taken our competitors by surprise. It meets user needs, with the largest cabin on Can you tell us where the negotiations with India the market and so unrivaled onboard comfort, as the first currently stand? wave of confirmed orders has proved. “They are progressing well, in a spirit of mutual trust. Commercially, we are still facing recovering demand levels, It is taking a long time because it is a complex issue. on account of an uncertain macroeconomic environment. The negotiations relate to the sale of 18 aircraft and the We do however know that our products are highly appreciated. manufacturing under license of 108 more. This involves Our extended range – Falcon 2000S / 2000LXS, Falcon coming to agreements with local companies, and in 900LX, Falcon 5X and Falcon 7X – should ensure that we particular with our main partner, Hindustan Aeronautics cater comprehensively to the market. Limited (HAL), on the work to be done in India. You have to The 77 Falcons delivered in 2013 have guaranteed sustained bear in mind just what the production of a combat aircraft industrial activity for our Company and its subcontractors. such as the Rafale entails: 30,000 parts, 25 kilometers of wiring, 300,000 fasteners, and so on. Over 500 French Lastly, the past year was marked by the 50th anniversary of companies are involved in the program. In India, we need the Falcon line. This offered the opportunity to reflect on the to look not necessarily for the same number of companies, fact that, in the aviation field, excellence is built on but for the same diversity of skills and capacities. We are experience.” confident, though, since it is a crucial industrial and operational challenge for the Indians, who have been faithful clients in the military domain for 60 years. Everything is in place and the teams all mobilized to finalize this major contract in 2014.” • • • 2013 ANNUAL REPORT DASSAULT AVIATION

How do you see the future of Dassault Aviation in What are your 2014 objectives for your civil the field of UAVs? activities? “As has been proven by the excellent performance of the “For business aviation, I have set four main priorities for 2014: nEUROn European combat-drone demonstrator, for which — continuing the development of the Falcon 5X with the we are the prime contractor, we have developed strategic assembly of the first aircraft; skills in this field that should underpin our country and Europe’s sovereignty. On January 31, 2014, the French — pursuing our worldwide Falcon customer-support efforts; and British Ministries of Defense signed a letter of intent — preparing the future of the Falcon range; formalizing the launch of joint feasibility studies for combat drones (UCAS: Unmanned Combat Air Systems). This major — lastly, and above all, increasing our sales, even if the advance in Franco-British military aeronautics cooperation market – still convalescent – is difficult for all offers a new dimension to the joint research already manufacturers. Recovery continues to be modest in the undertaken within this framework. Dassault Aviation and BAE USA, which remains our principal market, accounting Systems, leading stakeholders in the project, have already for over 50% of the Falcons in service. We have to hope worked a great deal with their partners, Safran, Rolls-Royce, it will take off in 2014.” Thales and Selex, on the preparation of this UCAS initiative. Our Company therefore finds itself once again at the What are your main assets for reaching these vanguard of the most cutting-edge aeronautical objectives? technologies. It has always supported the respective governments’ efforts to launch an ambitious Franco-British “I would cite, among other things: the expertise of our program designed to lay the groundwork for future combat engineers, technicians and skilled workers; the stability aviation in Europe. of our shareholders, which enables us to plan long term; the flexibility and reactivity of our Company, which allows As for the MALE (Medium Altitude, Long Endurance) us to adapt extremely rapidly to economic vicissitudes; observation UAVs, we have joined forces with Airbus Group our lead with regard to digital-industrial processes through and Finmeccanica to propose the launch of a joint program our collaboration with Dassault Systèmes and our international to the French, German and Italian governments. Good experience (over the past 50 years 72% of our aircraft have progress is being made in our discussions with the states been sold for export). I would also cite Dassault Aviation’s concerned. Here again, what is at stake is European resolutely dual character. Our Falcons’ excellence benefits sovereignty in the field of military aviation.” from the experience of a design department, which through the work done in the military domain for nigh on a century, has built up a degree of know-how that is certainly unique on the world stage. Our industrial organization is optimized around these two activities: civil and military. The Company embodies a kind of dynamism and management at once daring and prudent, as was proved by the way we rode out the financial crisis, with positive results and no layoffs. After a year in charge of Dassault Aviation, I would like to pay homage to all my predecessors for bringing the Company to where it is now. With Loïk Segalen, the management committee and all our employees, engineers, technicians and skilled workers, we are preparing for the future proud of being ‘Dassault’.”

Éric Trappier Chairman and CEO of Dassault Aviation

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February 16, 2017

The Manager The Asst Vice President Department of Corporate Services Listing Department BSE Limited National Stock Exchange of India Ltd Phiroze Jeejeebhoy Towers Exchange Plaza, C-1, Block G Dalal Street Bandra-Kurla Complex, Bandra (East) Mumbai 400 001 Mumbai 400 051 Tel : 2272 2375 / 2272 2039 Tel : 2659 8235 / 2659 8236 Fax : 2272 2037 / 39 / 41 / 3121 / 3719 Fax : 2659 8237 / 38 BSE Scrip Code : 500390 NSE Symbol : RELINFRA

Dear Sirs,

Sub: Reliance Infrastructure Limited (RInfra) promoted Reliance Aerostructure Limited’s Joint Venture (JV) with Dassault Aviation ‘DASSAULT RELIANCE AEROSPACE LIMITED (DRAL)’ has been incorporated

We enclose herewith a copy of Media Release being issued by our wholly owned subsidiary Reliance Defence Limited on the subject matter.

Kindly bring the above to the notice of the members.

Yours faithfully For Reliance Infrastructure Limited

Ramesh Shenoy Company Secretary

Encl : 2 pages

Registered Office : H Block, 1st Floor, Dhirubhai Ambani Knowledge City, Navi Mumbai 400 710

Reliance Defence Limited Radisson Blu Plaza Commercial Tower Tel : +91 11 30023405 Ground Floor, A - Wing Fax : +91 11 33543400 NH-8, Mahipalpur Email : [email protected] New Delhi - 1100 37 www.relianceadagroup.com CIN - U74999MH2015PLC263178

MEDIA RELEASE

DASSAULT RELIANCE AEROSPACE LIMITED (DRAL) INCORPORATED

ERIC TRAPPIER TO BE CHAIRMAN AND ANIL AMBANI CO-CHAIRMAN OF DRAL, REFLECTING A STRONG COMMITMENT TO MAKE IN INDIA

DRAL TO ADDRESS FUTURE REQUIREMENTS OF INDIAN ARMED FORCES

JOINT VENTURE COMPANY TO BE HELD 51% BY RELIANCE AND 49% BY DASSAULT AVIATION

LARGEST FOREIGN DIRECT INVESTMENT IN INDIAN DEFENCE SECTOR

DRAL TO LEAD EXECUTION OF Rs 30,000 CRORE OFFSETS FOR 36 AIRCRAFT PROGRAM

Bengaluru, February 16, 2017: Reliance Infrastructure Limited (RInfra) promoted Reliance Aerostructure Limited’s Joint Venture (JV) with Dassault Aviation DASSAULT RELIANCE AEROSPACE LIMITED (DRAL) has been incorporated.

Eric Trappier, Chairman of Dassault Aviation France, will be the Chairman, and Anil D Ambani, Chairman of Reliance Group, will be the Co-Chairman of DRAL.

Reliance Aerostructure Limited (RAL) will have 51% shareholding in the JV, while Dassault Aviation (DA) will hold 49%.

On 23 September 2016, India and France signed a purchase agreement for supply of 36 Rafale fighter jets at a value of €7.87 billion, or about Rs.60,000 crore. The contract includes a 50% offset obligation to the tune of approximately Rs. 30,000 crore, which is the largest ever offset contract in the history of India. DRAL will be a key player in the execution of offset obligations.

DRAL has finalized the Infrastructure requirements at Dhirubhai Aerospace Park at Mihan, Nagpur and the construction work for the greenfield facility will start in May 2017, and production by end-2017.

DRAL will execute the programs in phases, with Phase I resulting in the generation of more than 700 highly-skilled direct jobs and 2,800 indirect jobs.

DRAL will support Government of India’s “Make in India” and “Skill India” policies and develop major Indian programs with high levels of technology transfer to benefit the entire aerospace sector.

Registered Office: 502, Plot No 91/94, Prabhat Colony, Santa Cruz (East), Mumbai 400055.

The proposed strategic partnership between Dassault and Reliance will also focus on promoting Research and Development projects under the IDDM program (Indigenously Designed, Developed and Manufactured).

About Dassault Aviation:

With more than 8,000 military and civil aircraft delivered to more than 90 countries over the past 60 years, and having logged nearly 28 million flight hours to date, Dassault Aviation can offer recognized know-how and experience in the design, development, sale and support of all types of aircraft, from the Rafale fighter to the Falcon range of high-end business jets, as well as military unmanned air systems. In 2015, Dassault Aviation reported revenues of €4.20 billion. The company has almost 12,000 employees. In 2016, Dassault Aviation celebrated the first centennial of its history, which started in 1916 with Marcel Dassault and the Éclair propeller.

Reliance Defence Ltd : http://www.rinfra.com/defence.html

Reliance Defence Limited is a wholly owned subsidiary of Reliance Infrastructure Limited (an Infrastructure arm of the Reliance Group). The Company has industrial licenses for the full spectrum of military platforms and is the fastest emerging private sector enterprise in the development, manufacture and supply of Defence aerospace, land and naval platforms and equipment.

Reliance Infrastructure Limited :

Reliance Infrastructure Limited (RInfra) is one of the largest infrastructure companies, developing projects through various Special Purpose Vehicles (SPVs) in several high growth sectors such as Power, Roads and Metro Rail in the Infrastructure and Defence sectors.

RInfra is also a leading utility company having presence across the value chain of power businesses i.e. Generation, Transmission, Distribution and Power Trading. RInfra through its SPVs has executed a portfolio of infrastructure projects such as a metro rail project in Mumbai on build, own, operate and transfer (BOOT) basis and eleven road projects with total length of about 1,000 kms on build, operate and transfer (BOT) basis.

RInfra also provides Engineering, Procurement and Construction (EPC) services for developing power and road projects. The Company has recently entered into the defence sector. The Maharashtra Government has allotted land at MIHAN near Nagpur for development of India's first smart city for the defence sector known as Dhirubhai Ambani Aerospace Park (DAAP).

RInfra’s associate Reliance Defence and Engineering Limited, has India's largest dry dock facility to build warships and other naval vessels.

For further details, contact:

Daljeet S Singh (+91 9312014099) [email protected]

Registered Office: 502, Plot No 91/94, Prabhat Colony, Santa Cruz (East), Mumbai 400055.

Defence business : Opportunities and initiatives by Reliance Defence

Reliance Infrastructure Limited (RInfra) held an Analyst Meet on Monday, the 27 February, 2017 in Mumbai. During the meet, the Company discussed various aspects with respect to the Defence business i.e. market, opportunities and initiatives by RInfra.

The key highlights of the said Meet are provided below.

A. The Defence Market

1. The global defence market is estimated at USD 1800 Billion. India with a spending of USD 51 Billion in the year 2016 has moved up to 4th position from 6th position in the year 2015.

2. Indian Defence budget is Rs. 2,62,000 Crore for FY 2017-18, an increase of 5% over the last year budget. The capital acquisitions of defence hardware in next 10 years is expected to be approx. Rs 15 Lakh Crore (Rs 1 Lakh Crore per annum);

a) Aerospace - Rs 5,20,000 Crore

b) Naval - Rs 3,50,000 Crore

c) Land systems - Rs 6,00,000 Crore

d) Security - Rs 30,000 Crore

3. India is the largest importer of defence products accounting for 14% of the total global imports in the year 2016. Currently, about 70% of the Indian defence procurements are imported.

4. India will have Rs. 86,000 Cr of defence expenditure in the year 2017-18. This will offer large opportunities for Indian Private Sector Defence Companies, given renewed thrust by Government of India towards “Make in India” in the Defence sector.

B. Reliance Defence Business – progress in last 13 months

1. In January 2016, RInfra has acquired management control of Pipavav Defence Offshore and Engineering Company Limited (PDOECL) now renamed as Reliance Defence and Engineering Limited (RDEL). Reliance Shipyard at Pipavav has the largest Dry Dock in India. Reliance Shipyard has world class infrastructure facility to undertake all types of construction / refit / life cycle support of Warships, Submarines, Commercial vessels (including large bulk carriers), Oil & Gas platforms / rigs.

2. It has received 27 industrial licenses in last year for manufacturing of various defence hardware / equipments for Army, Navy and Air Force. This is the highest number of

Page 1 of 4

Industrial Licenses for any Defence Company in India. It has also formed several strategic partnerships and Joint Ventures with global defence majors.

3. It has signed an agreement with Dassault Aviation, France, to be the key offset partner for 36 Rafael Aircraft contract. It is the largest offset contract in the history of India at approx. Rs 30,000 Crore.

4. The Reliance Shipyard (RDEL) has been selected by U.S. Navy to provide services to its 7th Fleet consisting of more than 100 ships.

5. In January 2017, RDEL has signed a contract to build 14 Fast Patrol Vessels (FPVs) for Indian Coast Guard.

6. It has signed strategic partnership with Antonov, Ukraine for Transport Aircraft.

7. An experienced team is in place to implement the plans and initiatives in Defence sector. The team comprises of more than 2,000 professionals and over 200 plus senior management executives.

C. Aerospace - opportunities

1. More than Rs. 5,00,000 Crore of Indian Aerospace programs are expected to awarded in the next 15 years.

2. Reliance Defence has taken a lead in the Aerospace segment.

3. Rafale Offset Contract, largest ever in India, to be the nucleus of Aerospace eco-system in the country.

a) Dassault Reliance Aerospace Limited, a JV Company with Reliance holding a stake of 51% is to be a key player along with more than 100 SMEs & MSMEs in meeting the offset obligation of approx. Rs 30,000 Crore for “Rafael 36” contract.

b) Dassault Reliance JV will provide Performance Based Logistics for 50 years (scope includes maintenance, repair, overhaul and upgrades) and it is expected to execute additional orders of Rafael Fighter Aircraft, if awarded, for Indian Armed Forces under “Make in India”.

D. Offset Export opportunities

1. Offset obligations are integral part of the defence contracts and prevalent in many counties including India. Offset obligations ensure exports from India and is instrumental in creating a defence eco-system in the country.

2. Currently, the overall India Offset opportunities is in excess of Rs. 77,000 Crore.

E. Naval & Commercial Ship Building and Oil & Gas opportunities – Reliance Defence & Engineering Limited (RDEL) at Pipavav

1. Reliance Shipyard at Pipavav has world-class infrastructure facilities including:

Page 2 of 4

a) Total Assets of about Rs 10,000 Crore

b) Largest Dry Dock of India (size - 662 m x 65 m) with capacity of more than the combined capacities of all other dry docks in the country.

c) The Shipyard has two Goliath cranes of 600 tons each, with lifting capacity of 1,200 Tons in tandem. This results in faster construction of ships / submarines.

d) With the modular and integrated Ship Building Technology, it has the capability to undertake all types of construction / refit / life cycle support of Warships, Submarines, Commercial vessels (including large bulk carriers), Oil & Gas platforms / rigs.

e) Currently, Reliance Shipyard is the only Shipyard in India capable of building a new Aircraft Carrier of 65,000 Ton and above.

2. The Shipyard is building five Naval Offshore Patrol Vessels (NOPV) for Indian Navy. Reliance Shipyard is the first shipyard to be awarded warship contract by Indian Navy.

3. In January 2017, RDEL has signed contracts with Indian Coast Guard to build of 14 Fast Patrol Vessels (FPVs).

4. Reliance Shipyard is the first Shipyard in India to be selected by U.S. Navy. The Master Ship Repair Agreement (MSRA) has been signed in Jan 2017. The scope includes complex repair and alteration for more than 100 ships of 7th Fleet of U.S. Navy.

5. RDEL has strategic partnerships with the global majors like, DCNS, SAAB, SAFRAN and Thales.

6. The naval defence market size is likely to be more than Rs. 3,50,000 Crore in the next 15 years.

F. Land Systems & Integrated Security Systems

1. This segment focuses on, Small Arms, Ammunition, Artillery Guns, Air Defence Guns, Future Ready Combat Vehicles and Anti Tank Missiles and Upgrading of Tanks.

2. The Integrated Security vertical to focus on Border Security, Air field security and security of critical / sensitive installations / assets across the country.

3. Reliance - Rafael (Israel) JV has been incorporated. The JV is to focus on air defence systems and strategic aerostat solutions. The market for this segment is likely to be approx. Rs. 60,000 Crore in India, in the next 15 years.

4. The defence Land Systems (primarily supply to Indian and security solutions) opportunity is likely to be approx. Rs. 6,70,000 Crore in the next 15 years.

G. Defence Systems and Technologies

1. Defence Systems and Technology caters to common technology / equipments across all the defence segments namely Army, Navy and Air Force. The technologies are used to

Page 3 of 4

build various common equipments such as Radars, Electro-optics, C4I system (Command, Control, Communications, Computers, and Intelligence), Underwater systems, Missiles and Guided Weapons, Avionics, Communication and Electronic Warfare.

2. It's a high value, complex and high technology segment that requires highly skilled intellectual capital for implementation and IPR from global OEMs.

3. Reliance Defence Systems & Tech Limited (RDST) already functional at Bangaluru will be developing the above said systems / technologies.

H. Summary

1. The Indian defence business opportunities is estimated at Rs 15 Lakh Crores over a 15 year period.

2. Currently, the offset export opportunity is estimated at Rs 77,000 Crore.

3. Government of India has undertaken substantial changes in the defence policies with a specific focus on "Make in India" thereby creating a conducive business environment for Private Sector participation for capability and capacity creation / utilization.

4. RInfra is committed to develop a robust defence business contributing significantly to the national security and to be self-reliant in defence segment.

5. RInfra is confident of becoming one of the leading Defence Companies in India.

6. All the defence businesses will be housed under RInfra. The Defence business is expected to become a leading business vertical of RInfra.

Disclaimer:

The above said information have been prepared based on information / analysis available on various Government web-sites / other web-sites, public domains (national / global) , discussions held with various industry / domain experts and analysis undertaken by Reliance.

Page 4 of 4

Ministry of Defence

07-February, 2018 17:28 IST

Information Relating to Inter-Governmental Agreement on Rafale

Unfounded allegations are being made regarding the 2016 Inter-Governmental Agreement (IGA) to procure 36 Rafale aircraft in fly-away condition from France. This would normally not have merited a response but for the serious damage being caused by the misleading statements, sought to be repeatedly perpetrated on a serious matter of national security.

It ought to be remembered that it was under the ten-year tenure of the previous Government at the Centre that the earlier initiative of 2002 to meet requirement of the Indian Air Force (IAF) for much needed augmentation of its fighter strength ran aground. In 2012, the then Defence Minister exercised an unprecedented personal veto on the laid down institutional process then underway for procurement of 126 Medium Multi-Role Combat Aircraft (MMRCA). All this happened when there was an alarming decline in IAF’s fighter strength.

In another effort to twist facts, the Government is asked why it did not conduct negotiations with a particular company representing a competing fighter aircraft. It seems to have been conveniently forgotten that the then Government itself had rejected that company’s unsolicited offer made days after closure of the bid process, declared Rafale (DA) as the L1 bidder and had commenced negotiations with it in February 2012.

The demand that the Government disclose the details and value of the contract for the Rafale aircraft contracted in 2016 is unrealistic. [In keeping with confidentiality requirements, the UPA Government had also expressed its inability to disclose the price of various defence procurements, including in its responses to Parliament Questions]. The approximate acquisition cost of the Rafale aircraft has already been provided to the Parliament. Provision of exact item-wise cost and other information will reveal, inter alia, details regarding the various customizations and weapons systems specially designed to augment the effectiveness and lethality of the assets, impact our military preparedness and compromise our national security. Such details would also come under the ambit of the security agreement signed in 2008. Thus, in not revealing the item-wise details of the contract, the Government is merely following in letter and spirit the confidentiality provisions of a bilateral India-France Agreement of 2008 signed by the previous Government.

As doubts are sought to be created about the 2016 contract for 36 aircraft, it is once again strongly reiterated that the deal secured by the Government is better in terms of capability, price, equipment, delivery, maintenance, training, etc., than that notionally negotiated by the then Government in a process it could not conclude in ten years. Moreover, the present Government completed these negotiations in just about one year.

It is also stressed once again that the procurement of 36 Rafale aircraft through an Inter-Governmental Agreement (IGA) with France to meet the urgent need of the IAF is strictly in accordance with the Defence Procurement Procedure in all aspects including mandating, conducting and monitoring of negotiations and seeking all necessary approvals, including that of the Cabinet Committee on Security, before entering into the IGA. The aircraft had already been evaluated successfully by IAF during 2009-10.

It may also be noted that contrary to the impression sought, to be created by the Opposition, in the earlier proposal to procure Rafale, which ended in a stalemate, there was no provision for transfer of technology but only to manufacture under licence. The Government was unable to agree on the terms for even that in its negotiations with the vendor, resulting in the long-drawn exercise under the earlier Government ultimately turning futile. Further, no Indian Offset Partner for the 2016 deal for 36 Rafale Aircraft has been so far selected by the vendor (DA) because as per the applicable guidelines, DA is free to select the Indian Offset Partners and provide their details at the time of seeking offset credits, or one year prior to discharge of offset obligation.

NAo/Rajib

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9 9

Technology Acquisition

8.3 Offset Proposals relating to Para 3.1(f) will be assessed by a Technology Acquisition Committee (TAC) to be constituted by the DRDO with the approval of Scientific Advisor to RakshaMantri. The assessments will cover both technical as well as financial parameters, including valuation of technology, and also indicate the time frame and strategy for utilizing the technology. The TAC will send its recommendations, duly approved by SA to RM, to the TM within a period of 4-8 weeks of its constitution, for incorporation in the TOEC Report. Guidelines for processing Technology Acquisition proposals are at Annexure-IX to Appendix- D.

Commercial Evaluation

8.4 The Commercial Offset Offer will contain the detailed offer specifying the value of the total offset commitment components, with a breakdown of the details, phasing, IOPs and banked offset credits if any proposed to be utilized. The commercial offset offer will be opened along with the main commercial offer after the TOEC report has been accepted by the DG (Acquisition). The commercial offset offer will have no bearing on determination of theL-1 vendor.

8.5 The CNC for the main procurement case will verify that the Commercial Offset Offer meets the stipulated offset obligations. Only the commercial offset offer of the L-1 vendor in the main procurement proposal will be evaluated by the CNC. The L-1 vendor may amend the commercial offset offer at this stage, to align the proposal with the technical offset proposal, if required. For evaluation of the commercial offset proposals, the CNC will include a representative of DOMW as member. Representatives of DRDO,DPSUs, OFB or other Government institutions will be co-opted as members, as required, with approval of the DG (Acq). The commercial valuation of Technology Acquisition by TAC (refer Para 8.3) will be incorporated in the CNC Report.

Approval Authority

8.6 All Offset proposals will be processed by the AcquisitAcquisitionion Manager and approved by RakshaMantri, regardlessr egardless of their value. Offset proposals will alsoalso be incorporatedincorporated in the note seeking approval of Competent Financial Authority (CFA) for the main procurement proposal for information of the CFA. The offset contract will be signed by the AcquisitionAcquisition ManagerMan ager after the main procurement proposal has been approved by the CFA CFA.. Signed copies of the offset contract will be made available to DOMW.

Model Offset Contract

8.7 A model Offset Contract is at Annexure-IV to Appendix-D. It may be varied depending on the facts and circumstances of each case. However, any deviation from the standard terms considered necessary by the CNC should be highlighted by the Acquisition Manager while seeking approval of the RakshaMantri. The offset contract shall be subject to the laws of India.

Six monthly Reports

8.8 The vendor shall submit six monthly reports in the format in Annexure-VAnnexure -V to Appendix D to the DOMWDOMW.DOMW.DOMW may conduct an audit by a nominated officer or agencyagency to verify the actual status of implementation.

Assignment of offset credits

8.9 Offset credits shall be assigned by DOMW after scrutiny of six monthly reports.

Re-phasing of offset obligations

8.10 A vendor may, giving reasons, request re-phasing of the offset obligations within the period of the offset contract. JS(DOMW) may allow the request, if justified, with the approval of Secretary (Defence Production). Re-phasing will not be permitted beyond the period stipulated in Para 5.2 of the guidelines.

Change in IOP or Offset Component

8.11 DOMW may recommend change in offset partner or offset component on being convinced that the change is necessary to enable the vendor to fulfil offset obligations. Any change in IOP/offset component of a Tier-1 sub-vendor will have to be forwarded to DOMW through the main/prime vendor. The overall value of offset obligations shall, however, remain unchanged. Any change in the IOP and offset component shall be approved by the Secretary (Defence Production).

Offset Contract Amendment

8.12 Any amendments to the offset contract due to changes in paras 8.10 and 8.11 shall be incorporated by the JS (DOMW) in the offset contract through a Supplementary Contract. JS(DOMW) shall intimate such changes to the concerned Acquisition Manager immediately after they have been approved.

Penalties

8.13 If a vendor fails to fulfil the offset obligation in a particular yeyearar in accordance with the annual phasing as agreed in the offset contract, a penalty equivalent to five percent of the unfulfilled offset obligation will be leviedlev ied on the vendor. The unfulfilledunfulfilled offset value will thereafter be re-phased over the remaining period of the offset contract. The penalty may either be paid by the vendor or recovered from the bank guarantee of the main procurement contract or deducted from the amount payable under the main procurement contract or recovered from the Performance Bond of the offset contract. The overall cap on penalty will be 20 percent of the total offset obligation during the period of the main procurement contract. There will be no cap on penalty for failure to implement offset obligations during the period beyond the main procurement contract. The penalties will be administered by DOMW in consultation with Acquisition Wing, as required.

Debarment

8.14 Any vendor failing to implement the offset obligations will be liable for action under Para 93 of chapter II.

Clarifications

8.15 Any clarifications relating to offset proposals at the pre-contract stage will be provided by the Acquisition Wing in consultation with DOMW as required. Any clarifications at the post- contract stage will be provided by DOMW in consultation with Acquisition Wing as required.

8.16 Any differences or disputes with vendors will be settled through discussion. The decision of the Acquisition Wing and of the DOMW in respect of matters relating to offsets within their respective jurisdiction shall be final.

Annual Reporting to the Defence Acquisition Council

8.17 The Acquisition Wing will submit an annual report to the DAC in June each year regarding the details of offset contracts signed during the previous financial year. DOMW will also submit an annual report to the DAC in June each year regarding the status of implementation of all ongoing offset contracts during the previous financial year.

Miscellaneous Provisions

8.18 It is clarified that any general term/clause that is not included in the offset contract but is included in the main procurement contract (e.g. Force Majeure, Arbitration, jurisdiction of Indian Courts, use of undue influence, agents, etc.) would ipso facto apply to the offset contract.

8.19 Defence Offset Guidelines will apply in harmony with and not in derogation of any rules and regulations stipulated by various agencies of the Government of India, including DIPP, DG Foreign Trade and Ministry of Finance, etc.

8.20 These Defence Offset Guidelines shall come into force with effect from 01 April, 2016.

*****

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