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Anil Ambani announces Rs.5,000 crore new defence investment

Thu, Jul 16, 2015, 03:10 PM
New Delhi, July 16: With the recent acquisition of Pipavav Defence, Reliance Group chairman Anil Ambani announced on Thursday that an additional investment of Rs.5,000 crore will be made as part of India's emphasis on "Make in India" for military hardware and cut imports.

He also underscored the need for larger public-private partnerships in the defence domain, and called for pooling of resources so that India becomes self-reliant in protecting its boundaries and cuts reduces its dependence on the global markets.

Quoting extensively from the experiences he gained from his late father, the legendary industrialist Dhirubhai Ambani, the Reliance Group chairman said his father's vision was to meet the aspirations of generations with self reliance, adding that the Make in India initiative of Prime Minister Narendra Modi is a major step towards that.

"This initiative of the government redefines the defence ecosystem in India with our Navy in the lead... For a country with one of the longest coastlines in the region and vast expanse of territories over the seas, self reliance in naval capabilities is an ever challenging imperative," he said.

The Reliance Group chairman said the acquisition of the Pipavav Defence Company in Gujarat with assets worth more than Rs.10,000 crore was his company's contribution towards self reliance.

"Pipavav has the largest dry dock in the country and the second largest in the world. With more than 30 lakh sq ft of covered area for fabrication and integration alone, this is perhaps the largest single location defence manufacturing facility in India," he said.

"We will invest an additional Rs.5,000 crore over the next few years as part of our commitment towards indigenisation efforts."
Agency: IANS
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