Who: Reliance Defence Ltd
What: Signed MoU with AP Government
When: 10 January 2016
Why: To set up naval facility
Reliance Defence Ltd, a unit of Anil Ambani led Reliance Infrastructure Ltd led on 10 January 2016 signed a memorandum of understanding (MoU) with Andhra Pradesh Government to set up a world class naval facility in the state.
The announcement regarding the MoU was made at Andhra Partnership Summit in Visakhapatnam.
The proposed facility will be established with an initial investment of 5000 crore rupees. And, it will be setup on the East Coast of India at Rambilli, which is 70 kilometers south of Visakhapatnam.
Earlier, in March 2015, Reliance acquired the Pipavav shipyard on West Coast in Gujarat. These two facilities will build submarines and aircraft carriers and also provide services including maintenance and refitting of ships.