A consortium of lenders led by IDBI has given its approval to the corporate debt restructuring exit plan of Reliance Defence and Engineering Ltd. (RDEL), a subsidiary of Reliance Infrastructure
Reliance Defence has tied up with South Korean defence firm LIG Nex1 for smart sensors and ammunition. The company
Reliance Defence and Engineering expects to exit the corporate debt rejig package this week with the lenders agreeing to longer maturity period for loans worth about Rs 6,800 crore.
The defence ministry is gearing up to award a Rs 20,000 crore contract to build four amphibious warships under the Make in India programme, setting up a direct competition between Reliance Defence and L&T for bagging the order as it has decided to keep already stretched public sector shipyards out of the project.
With a new joint venture announced with French aerospace giant Dassault Aviation, Anil Ambani’s Reliance Group is set to get a big slice of the Rafale fighter jet deal and will target business worth Rs 20,000 crore as part of the offsets for the contract.
His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President, Prime Minister of United Arab Emirates (UAE) and Ruler of Dubai met Anil Ambani, Chairman, Reliance Group in Abu Dhabi on February 21.
Media reports suggest that Warburg Pincus is likely to pick up a 40 percent stake in Tata Technologies (an engineering solutions and IT product developing arm of Tata Motors).
Under a deal announced earlier this week, India will become a major service and repair hub for the US Seventh Fleet—the armada that is at the center of US war preparations against China.