Reliance Defence Ltd has signed an accord with the Andhra Pradesh government to set up a naval facility along the country’s eastern coast with an initial investment of Rs 5,000 crore ($748 million). Reliance Defence, a unit of billionaire Anil Ambani’s Reliance Infrastructure Ltd, plans to build submarines and aircraft carriers as well as to provide services including maintenance and refitting of ships at the facility. It will be located 70 km south of Visakhapatnam in Andhra Pradesh.

Reliance Group chairman Mr Ambani cited estimates saying the Indian navy could spend nearly Rs 20,000 crore annually over the next 15 years on acquisitions and fleet modernisation of submarines and aircraft carriers. The government has, however, yet to move forward on its plans to build up the submarine fleet, meaning any order for companies including Reliance Defence may be years away.

Did You Know???

• Mukesh Ambani is the chairman, managing director and largest shareholder of Reliance Industries Limited (RIL). He resides at the Antilia Building, the world’s most expensive property.
• Antilia was designed by Chicago-based architects Perkins and Will, with the Australian-based construction company Leighton Holdings taking charge of its construction.
• The home has 27 floors with extra-high ceilings. The home was also designed to survive an 8-Richter scale earthquake.
• It is deemed to be the world’s second most expensive residential property, after Buckingham Palace, which is designated as a governmental property.