Reliance Defence Ltd has signed an MOU with Andhra Pradesh government to set up a naval facility along the country’s eastern coast with an initial investment of Rs.5,000 crore. It will be located 70 km south of Visakhapatnam in Andhra Pradesh.
- Reliance Defence plans to build submarines and aircraft carriers as well as to provide services including maintenance and refitting of ships at the facility.
- Indian navy could spend nearly 20,000 crore annually over the next 15 years
Previous facts: In November 2015, Anil Ambani-owned Reliance Defence has received conditional approval for 12 industrial licenses for eight of its subsidiaries for making defence equipment including aircraft, helicopters, missiles, night vision gear and naval and land systems.
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