Reliance to set up Rs. 5,000-crore naval shipbuilding unit

Report says that Reliance has signed a memorandum of understanding with Andhra Pradesh that will give its 1,500 acres of land co-located with strategic facilities of the Indian Navy and Department of Atomic Energy,

Reliance Group is planning to set up a naval ship-building facility near Visakhapatnam at a cost of Rs. 5,000 crore, according to reports.

Report says that Reliance has signed a memorandum of understanding with Andhra Pradesh that will give its 1,500 acres of land co-located with strategic facilities of the Indian Navy and Department of Atomic Energy, 

A memorandum of understanding was signed between Reliance ADA Group Chairman, Anil Ambani and AP Chief Minister, N. Chandrababu Naidu, at the CII Partnership Summit and Sunrise AP Investment Meet on Sunday, says report.

Reliance will establish the facility at Rambilli, about 70 km from here, Anil Ambani was quoted as saying.

The proposed facility would generate thousands of skilled jobs.