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Reliance to invest 5K cr in AP
The Andhra Pradesh government has clinched a whopping Rs 5,000 crore investment proposal from Anil Ambani-led Reliance Group on the first day of the Partnership Summit here on Sunday.
Signs MoU to set up naval shipbuilding facility at Rambilli
Visakhapatnam: The Andhra Pradesh government has clinched a whopping Rs 5,000 crore investment proposal from Anil Ambani-led Reliance Group on the first day of the Partnership Summit here on Sunday.
The MoU, which was signed by the company in the presence of Anil Ambani and AP Chief Minister N Chandrababu Naidu, for setting up of a naval shipbuilding facility at Rambilli, about 70 km from city.
The facility would also lead to the creation of a multi-tier range of defence ancillaries bringing additional investment between Rs 5,000 crore and Rs 10,000 crore, besides it would create thousands of skilled jobs.
Speaking at the inaugural, Ambani said the proposed project will complement the group’s existing Pipavav facility in Gujarat and will focus on building strategic assets for the Indian Navy.
“The world-class naval facility will also help translate Make in India into Make in Andhra Pradesh and leapfrog the state to the top of the manufacturing revolution in India’s defence sector,” he said.
"It is estimated that Indian Navy will spend over Rs 3 lakh crore or nearly Rs 20,000 crore a year on acquisitions and fleet modernisation of submarines and aircraft carriers over the next 15 years, creating a huge pipeline of opportunity for the proposed world-class naval facility," he added.
Referring his association with Andhra Pradesh, Ambani said the state is blessed with a very rare constellation of economic and political “nakshatras”, which is uniquely favourable for the growth and development of the state.
Besides, the group had also a long association with Andhra and had invested about Rs 15,000 crore for creating thousands of jobs.
He felt that India can become a regional superpower only if maritime capabilities are strengthened through vigorous build up of surface and sub-surface fleet.
The US has 10 aircraft-carrier groups operating around the world to project its power and protect its interests and India has only one. Similarly, while the US has 72 submarines and China 69, India has a small fleet of 17 submarines, he pointed out.
Further, nearly 90 percent of the conventional fleet in the Indian Navy is over 20 years old and due for urgent upgrade and re-fitment. There is a projected requirement of an additional 23 submarines, he added.
