Reliance Group gets DIPP’s nod for defence manufacturing
MUMBAI: Anil Ambani moved a step closer to realising his defence ambitions as the Department of Industrial Policy and Promotion (DIPP) gave 11 conditional licences sought by eight subsidiaries of the Reliance Group for defence manufacturing, according to a list from the latter.
After the approval from DIPP, the nodal agency for foreign direct investment, Reliance Group now needs security clearance from the home ministry to go ahead with its plans of setting up manufacturing capability of aircraft, helicopters, missiles, night vision naval and land systems.
An inter-ministerial committee, chaired by DIPP secretary Amitabh Kant granted 32 licences, including the ones to Reliance Group, in a meeting on November 6. The licences granted included 25 from defence manufacturing, seven from explosives sector, and one from consumer. Reliance Group, through Reliance Infrastructure, is exiting businesses such as cement and roads, monetising others and focusing on defence.
Group head Ambani is personally driving the defence business, and the group is in the process of completing the acquisition of Pipavav Defence and Offshore Engineering Co, which marked its foray into the sector. The facility acquired from Pipavav Defence will see large programmes for refit and life extension of submarines, production of new frigates, landing platform docks and aircraft carrier. Reliance Defence also has strategic plans to set up maintenance, repair, overhaul and upgrades of various platforms.
Read full article: Economic Times
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