Reliance Infrastructure defence arm Reliance Naval and Engineering will soon announce a rights issue for shares to increase the shareholding of the parent, Chairman Anil Ambani told shareholders at the Annual General Meet of the company.
The Reliance Group’s flagship infrastructure company has decided to focus on defence and engineering, procurement and construction business. It plans bids for six submarines worth Rs 50,000 crore, Ambani said.
“Our focus is on defence sector. Yes, there is competition in defence sector. Yes, government is the customer. But we are completely committed to succeed in the defence sector,” Ambani said.
