Reliance Defence to Officially Rename Itself to Reliance Naval and Engineering

DELHI, India - Sept. 1, 2017 - PRLog -- Anil Ambani's Reliance Infrastructure-controlled Reliance Defence and Engineering is planning to rename itself to Reliance Naval and Engineering Ltd (RNEL) in order to stay in line with the company's vision towards building capabilities for the Indian Navy and the Coast Guard.

Earlier known as Pipavav Defence and Offshore Engineering, Reliance Defence was acquired by Reliance Group in the form of a controlling stake in 2016 with assets worth ₹10000 crore. Presently, the aim of the company is to be the number one manufacturer and supplier of advanced weapon platforms, equipment and ships.

In an AGM to be held on August 22, company representatives will seek the permission of the shareholders in order to rename the firm officially to Reliance Naval and Engineering.

The firm has been successful in obtaining 27 new licenses for building full spectrum defence platforms since the Reliance Group took over, while also having registered bids worth ₹30000 crore for the Landing Platform Dock (LPD) and Anti-Submarine Warfare Shallow Water Craft (ASW SWC) contracts for the Indian Navy.

The firm hopes to bring in business opportunities worth ₹10,000 crore in the next five to seven years with the help of its dry dock which provided services to the seventh fleet of the US Navy and also ranks as one of the largest dry docks in India. The company's sophisticated ship building and repair facility will also factor hugely in the same.

Recently, Reliance Defence successfully obtained the contracts for refitting INS Jamuna, INS Deepak and INS Savitri after seeing off competition from four bidders belonging to PSUs and private sector.

Refrence link: http://www.financialexpress.com/industry/reliance-defence...