Anil Ambani to invest Rs 5K cr for naval shipbuilding facility

Anil Ambani to invest Rs 5K cr for naval shipbuilding facility

Anil Ambani to invest Rs 5K cr for naval shipbuilding facility

In a bid to expand his foray into the defence sector, Reliance Group Chairman Anil Ambani on Sunday announced that his company will be setting up a naval ship building facility at Rambilli, along the East Coast, near the Eastern Naval Command headquarters Visakhapatnam in Andhra Pradesh.

The facility will build ships for the Indian Navy. The naval ship building unit, which will be built at a cost of Rs 5000  crore as initial investment, is expected to create direct and indirect employment to thousands in several defence ancillary units expected to come up in the surroundings.

Addressing delegates at the Andhra Partnership Summit in Visakhapatnam, Ambani said, “The new world-class facility will complement our facility at Pipavav in Gujarat, with a clear vision of building strategic assets for the Indian Navy.”

Reliance also signed an MoU with the Andhra Pradesh government for the facility, at the summit. 

Dwelling on the enormous opportunities in ship building for the armed forces, he said that the Indian Navy will spend over Rs 3 lakh crore on acquisitions and fleet modernisation over the next 15 years. Once completed the Vizag facility will be the single-largest investment at one location anywhere in Andhra Pradesh.

“This will be Prime Minister Narendra Modi’s Make in India mission in the defence sector,” he said, adding that India can become a regional superpower if it could strengthen its fleet above the sea, and under it.

Earlier in the day, the 22nd edition of the Confederate of Indian Industry (CII) Partnership Summit kicked off, showcasing investment opportunities in ‘Sunrise Andhra Pradesh’. The AP government is expecting to sign at least 100 MoUs worth Rs 2 lakh crore, during the summit. Union Finance Minister Arun Jaitley, Andhra Pradesh Chief Minister Chandrababu Naidu, union ministers P Ashok Gajapati Raju, Nirmala Sitharaman and Y S Choudhary were also present at the event.
DH News Service