Reliance Defence to set up shipyard in Visakhapatnam

Mumbai, Jan 11 (ANI): Reliance Defence has signed an accord with Andhra Pradesh Government to set up a naval facility along the country’s coast with an initial investment of Rs.50 billion. Reliance Defence, a unit of billionaire Anil Ambani’s Reliance Infrastructure, plans to build submarines and aircraft carriers as well as to provide services including maintenance and refitting of ships at the facility. Reliance Chairman Ambani cited estimates saying the Indian navy could spend nearly 200 billion rupees annually over the next 15 years on acquisitions and fleet modernisation of submarines and aircraft carriers.