Reliance Group, led by billionaire Anil Ambani, will set up a naval ship-building facility near Visakhapatnam at a cost of Rs. 5,000 crore. It is the single biggest investment in Andhra Pradesh after its bifurcation.
A memorandum of understanding to build the facility was signed between Reliance ADA Group Chairman, Anil Ambani and AP Chief Minister, N. Chandrababu Naidu, at the CII Partnership Summit and Sunrise AP Investment Meet.
This represents single largest investment by any company at one location anywhere in Andhra Pradesh. Indian Navy is estimated to spend over Rs. three lakh crore per year on acquisitions and fleet modernisation of submarines and aircraft carriers over the next 15 years creating large opportunities to address critical naval requirements under Make in India initiative.
Current Affairs: 11th January, 2016 Current Affairs Round up December, 2015.
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