Anil Ambani-led Reliance Group is said to be looking to bid for for six submarines contracts worth Rs 40,000 crore. Reliance Naval, formerly known as Reliance Defence and Engineering Limited or Pipavav Defence & Offshore Engineering focuses on naval shipbuilding.
According to a report in Financial Express, Anil Ambani made the announcement at the Annual General Meeting of its parent company Reliance Infrastructure. Reliance Infrastructure further plans to raise funds via rights issue to increase its stake in the company.
Reliance Naval had reportedly got the bankers’ approval to exit a corporate debt restructuring exercise after reworking its loans worth over Rs 6,000 crore in April, the report said.
Anil Ambani said that India’s 90 per cent of defence needs are imported which cannot continue for long and that it will become an export hub to Airbus and Boeing on very sensitive aircraft parts, it added.
RNaval has also collaborated with warship design agencies to develop world class designs for global naval customers. It has submitted designs for Cadet Training Ships and Fast Petrol Boats to the Indian Coast Guard.
RNAVAL is involved in design and construction of offshore patrol vessels, Landing Platform Docks, Frigates, Corvettes, Destroyers, Research Vessels and submarines.
RNAVAL is in the process of design and construction on Naval Offshore Patrol Vessels for the Ministry of Defence.
By: Business Today
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