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BUSINESS
ANIL-AMBANI LED RELIANCE GROUP TO INVEST RS 5,000 CR TO SET UP NAVAL UNIT IN ANDHRA PRADESH
January 11, 2016
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1.Reliance Group has proposed to set up a naval shipbuilding facility in Rambilli, near Visakapatanam. The group will be investing Rs 5,000 crore in phases in the proposed state-of-the-art facility.

2.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.

3.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.

4.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.