Reliance Defense is now Reliance Naval and Engineering Ltd (RNEL)

DELHI, India - Aug. 23, 2017 - PRLog -- Anil Ambani led Reliance Defense and Engineering, a branch of Reliance Infrastructure is all set to take up the name of Reliance Naval and Engineering Ltd (RNEL) due to company's current focus on its Naval projects. The company is set to seek shareholders' approval for the name change in its AGM on August 22.

Reliance group is taking up quite ambitious projects off lately and aims to be a leading manufacturer and supplier for advanced weapon platforms, equipment and ships for Indian Defense sector.

After acquiring a controlling stake in Pipavav Defence and Offshore Engineering in 2016, it is changing its name to Reliance Defence and Engineering in coming days. The group currently have the total assets of Rs10,000 crore and has assured that it has the capability to manufacturing and supplying all kind of submarines and ships to the defense sector.

Over a time period of just one year, RNEL has obtained 27 industrial licenses, which will ensure that this new entity flourish in defense sector as well. The firm has also submitted bids for orders amounting to ₹30,000 crore up for the Landing Platform Dock (LPD) and Anti-Submarine Warfare Shallow Water Craft (ASW SWC) contracts for the Indian Navy. It is expected that all the bids will end by the next year.

Currently, the company has a large ship building and repair facility and one of the largest dry docks. Not just that, it was also selected by the US Navy to provide services to the seventh fleet. This will definitely ensure that it will bring business opportunities amounting to ₹10,000 crore over the next five-seven years.

RNEL will be undertaking three refits for the Indian Navy soon in the future. The company was awarded contracts for the refitting of INS Jamuna, INS Deepak and INS Savitri. In an earlier competitive bidding process, wherein four bidders from PSUs and private sector participated.

Refrence link: http://economictimes.indiatimes.com/news/defence/reliance...