Reliance to invest $1 billion in aerospace
28 Jul 2012
Reliance Industries Limited (RIL) plans to invest close to $1 billion over the next few years and hire around 1,500 people in its new aerospace division.
In a report, The Economic Times said the details were confirmed to it by executives close to the matter who spoke on condition of anonymity.
The Mukesh Ambani-led company, had early this month, submitted an application for an industrial licence to the Department of Industrial Policy and Promotion to "design, develop, manufacture, equipment and components, including airframe, engine, radars, avionics and accessories for military and civilian aircraft, helicopters, unmanned airborne vehicles and aerostats".
The company's decision follows the creation of two new entities - Reliance Aerospace Technologies Pvt Ltd and Reliance Security Solutions Ltd.
The creation of the new businesses gathered momentum a over year back with the creation of an entity called "new business" and hiring of the then Boeing India chief, Vivek Lall, for launching its aerospace and homeland security divisions.
According the the report, RIL had stated in its application to DIPP that the "the company will also undertake research and produce new aerospace technologies, materials, components and equipment and test and carry out their certification".