The Reliance Group will set up a world-class naval shipbuilding facility for strategic platforms at Rambilli near here with an investment of Rs.5,000 crore.
The group, which has hinted at a total investment of up to Rs.10,000 crore in this segment, entered into a Memorandum of Understanding (MoU) with Andhra Pradesh Government here on Sunday. Reliance Defence, a wholly-owned subsidiary of Reliance Infrastructure, will implement the project.
This was announced by its Chairman Anil D Ambani at the inaugural session of the AP Partnership Summit.
The proposed investment in Rambilli, located in 70 km south of Visakhapatnam, is the largest investment by any company at a single location in Andhra Pradesh.
“Given its critical location from a geo-political and strategic perspective on the East coast, and its proximity to India’s naval establishment, including the Coast Guard, and BARC, Vizag is ideally suited for the manufacture of strategic assets such as nuclear sub-marines and aircraft carriers, critical areas of naval defence capability where we need to catch up with the rest of the world,” Ambani said.
A futuristic state-of-the-art venture, the Vizag naval facility will aim to ‘better the best in the world’ in terms of technology and resources. “It will complement our existing facility at Pipavav in Gujarat, with a clear focus on building strategic assets for the Indian Navy,” he said.
Over the next 15 years, the Indian Navy is estimated to spend over Rs.3 lakh cr on acquisition and fleet modernisation of submarines and aircraft carriers, to address critical naval requirements under Make in India initiative at the proposed facility.
The proposed facility will generate thousands of skilled jobs, Ambani said.