News By Tag
News By Location
Anil Ambani's RInfra to build Aerospace Park in Mihan
Reliance Infrastructure, an auxiliary company of Anil Ambani's Reliance Group has gained the government's approval to build an Aerospace Park in Mihan, near Nagpur. The park is valued at $ 1 Billion.
Reliance Defence Chief Executive officer -- Rajesh Dhingra stated that the company will begin working on the first unit in August and hopes to complete it in the first quarter of the next year. The company is a subsidiary of Reliance Infrastructure. The $ 1 Billion amount (₹ 6500 crores in the Indian currency) will be utilized to develop the entire part. All aerospace related units will be built at a single location.
Rajesh Dhingra has been the head of the company since before its acquisition. Reliance Defence, formerly Pipavav Defence & Offshore Engineering has been headed by Rajesh Dhingra who was previously an Indian Air Force Officer. The company was acquired by Reliance Infrastructure in 2015. The company has focused on obtaining government's defence projects and to compete with other private players like Mahindra group, Larsen & Toubro and Tata Group.
The first project development spread across 104 acres will consist of building manufacturing units for production of aircraft, electronic warfare systems, radars, unmanned aerial vehicles, maintenance repair and overhaul for commercial aircraft, and complete eco system, including ancillary units and suppliers. The second phase will comprise of the rest of the area i.e. 185 acres. The company looks forward to doing business worth over ₹ 200,000 crores in the next 30 years.
With 51% majority stakes, Reliance Defence entered into partnerships with French defence majors – Dassault Aviation and Thales. The joint ventures will work on the 36 Rafale fighter jets bought by India for 60,000 crores. The joint ventures will aid the 'Make in India' campaign instead of acquiring assets from other countries.
Refrence link: http://www.thehindubusinessline.com/