New Delhi, Jul 10 (PTI) A proposal by Reliance Aerostructure Ltd for development of an aerospace park in Nagpur with an investment of Rs 6,500 crore has been approved by the government, Reliance Defence today said.

It said the Board of Approval for SEZ of Commerce Ministry has given the go-ahead to the project.

“With the BoA nod, the Dhirubhai Ambani Aerospace Park (DAAP) at Mihan, spread over 289 acre, will become the largest greenfield aerospace park in the country,” the company said in a statement.

It said the aerospace park will also be home to the Dassault Reliance Aerospace Ltd, a joint venture which will execute the Rs 30,000 crore offset programme linked to the sale of 36 Rafale fighter jets.

“Business at the aerospace park is expected to exceed Rs 200,000 crore over the next 30 years,” the company said.

It said Reliance has proposed to invest Rs 6500 crore in the park.

The construction at the aerospace park is expected to start by end of the month with production expected in the first quarter of 2018.

This is published unedited from the PTI feed.