Reliance Infrastructure, an Anil Ambani Group firm, today announced its foray into the high-potential defence sector with incorporation of three wholly-owned subsidiaries.
“Reliance Infrastructure... has set up three wholly-owned subsidiaries, namely, Reliance Defence Systems, Reliance Defence Technologies and Reliance Defence and Aerospace, to pursue growth opportunities in the defence sector,” the company said in a BSE filing.
Reliance Infrastructure already has a presence in areas such as power, infrastructure and the EPC segments, among others.
With its entry into the defence sector, it would lock horns with the likes of the Tata Group, Larsen and Toubro, and Mahindra and Mahindra.
The defence industry in India is mainly dominated by the public sector, unlike in countries such as Russia. However, the government is making efforts towards facilitating the private sector and enabling them to play a greater role in defence production.
Industry players also believe that the country’s defence sector is set to embark on a significant growth path in the near future as the new initiatives announced by the Government in promoting defence equipment manufacturing have begun gaining traction among global investors.
Reliance Infrastructure shares were trading 3.44 per cent up at Rs 437.70 apiece in morning trade on the BSE.