Friday, Dec 09, 2022
Premium

Reliance Group to invest Rs 5,000 crore in naval unit

The Indian Navy is estimated to spend nearly Rs 20,000 crore per year on acquisitions and fleet modernisation of submarines and aircraft carriers over the next 15 years under the ‘Make in India’ initiative.

Reliance, Reliance Group, naval shipbuilding facility, Reliance Anil Ambani, CII, Investor Partnership Summit, indian express Chairman of Reliance Anil Dhirubhai Ambani Group, Anil Ambani addresses during the Annual General Meeting of Reliance of group companies in Mumbai. (Source: PTI Photo)

Reliance Group has proposed to set up a naval shipbuilding facility in Rambilli, near Visakhapatnam. The group will be investing Rs 5,000 crore in phases in the proposed state-of-the-art facility.

Reliance Group chairman Anil Ambani, who announced this during the CII Investor Partnership Summit, signed a memorandum of understanding (MoU) with the Andhra Pradesh government in this regard. “Reliance Defence, a wholly owned subsidiary of Reliance Infrastructure, will implement this project. This represents the single-largest investment by any company at one location anywhere in Andhra Pradesh,” Ambani said.

The Indian Navy is estimated to spend nearly Rs 20,000 crore per year on acquisitions and fleet modernisation of submarines and aircraft carriers over the next 15 years under the ‘Make in India’ initiative, and the proposed unit is set to be benefited from it.

[related-post]

Subscriber Only Stories
JK Cement’s SPSU Udaipur Launches ‘Golden Batch 2022’ In Collaboration Wi...Premium
Appendicitis in Children- A new lifestyle disorderPremium
Using evidence will create strong foundations for the future of education...Premium
Re-Defining The Tradition In Folk Art: An Art Educator’s PerspectivePremium

The unit will generate thousands of skilled jobs. It would also lead to creation of a multi-tier array of defence ancillaries with further investments of Rs 5,000-10,000 crore and thousands of skilled jobs, Ambani said. The Vizag naval facility will complement Reliance group’s existing facility at Pipavav in Gujarat with a clear focus on building strategic assets for the Navy.

Meanwhile, at the same event, finance minister Arun Jaitley, in his key-note address, during, hailed Andhra Pradesh as the ideal destination for investments. According to him, the investors are very pragmatic and could not be wooed by mere promises.

He launched a new programme called Stand Up India, aimed to open the opportunities to the vulnerable sections.

“After Start Up India, we are going to launch…Stand Up India. It is available to only two sections of society — women entrepreneurs and the SC,ST entrepreneurs,” he said. He said that every branch of the bank either in public sector or in private sector bank, ought to fund one SC, ST and one woman entrepreneur. ENS

First published on: 11-01-2016 at 02:18:28 am
Next Story

As Sonia Gandhi, Nitin Gadkari meet Mehbooba Mufti; suspense continues over govt formation

Latest Comment
Post Comment
Read Comments
Advertisement
Advertisement
Advertisement
close
search Search