Big move by Anil Ambani, his company to invest Rs 10000 crore to set up India's largest...
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Reliance Infrastructure on Tuesday said it will set up the largest integrated project for manufacturing of explosives, ammunition and small arms in Ratnagiri, Maharashtra and will invest over Rs 10,000 crore in the project over the next 10 years.
Reliance Infrastructure through its subsidiaries has exported defence equipment worth more than Rs 1,000 crore over a period of time, it added.
According to the statement, the company has been allotted 1,000 acres of land in Watad Industrial Area of Ratnagiri, Maharashtra to develop Dhirubhai Ambani Defence City (DADC).
DADC will be the largest greenfield project in the defence sector in India by any private sector company.
The statement said the projects envisage potential joint ventures with up to six leading global defence companies.
"Ammunition range to include small, medium & large caliber and terminally guided munition (TGM)," the statement said, adding the small arms portfolio will address export markets in both civil and military applications.
Reliance Infrastructure's wholly-owned subsidiaries Jai Armaments Ltd and Reliance Defence Ltd already have the license from the government for manufacturing arms and ammunition.
Dassault Reliance Aerospace Limited (DRAL) and Thales Reliance Defence Systems (TRDS) export 100 per cent of their production.
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Prime Minister Narendra Modi favoured detailed discussion at every level on the 'one nation, one election' bill and wanted it to be referred to a Joint Committee of Parliament, Home Minister Amit Shah said on Tuesday.
Shah made the remarks in Lok Sabha when the House was hearing objections to the introduction of the Constitution (129th Amendment) Bill that seeks to usher in simultaneous polls to the Lower House and state assemblies.
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Reliance Power on Tuesday said its arm Reliance NU Suntech has secured a solar project of 930 MW and 465 MW battery energy storage system (BESS) project from Solar Energy Corporation of India (SECI).
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Businessman Raj Kundra on Tuesday questioned the Enforcement Directorate over attaching his properties in the case related to Amit Bhardwaj's Bitcoin scam.
Speaking with ANI, Kundra said that he met Bhardwaj when he was a respected businessman and had introduced him to an Israeli friend.
"That Introduction has caused me too much that my properties are attached" Kundra reflected.
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The 'One Nation, One Election' Bill was tabled in the Lok Sabha on Tuesday. The proposal aims to conduct simultaneous elections for the Lok Sabha, state Assemblies, and local bodies.
On December 12, the Union Cabinet, led by Prime Minister Narendra Modi, approved the proposal. The constitutional amendment bill seeks to establish provisions for holding Lok Sabha and state legislative Assembly elections simultaneously.
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