Reliance Infrastructure Ltd. announced on Tuesday that subsidiary Reliance Defence Ltd. would set up of the largest integrated project to manufacture explosives, ammunition and small arms in Ratnagiri, Maharashtra.
The company has been granted 1,000 acres of land at the Watad Industrial Area to build the Dhirubhai Ambani Defence City. DADC will be the largest greenfield project in the defence sector India by any private sector company, according to an exchange filing.
The Union government has already given Reliance Infrastructure's wholly owned subsidiaries, Jai Armaments Ltd. and Reliance Defence, the licence to manufacture arms and ammunition.
Over the next 10 years, Reliance Infrastructure will invest over Rs 10,000 crore. The company, through its subsidiaries, has also exported defence equipment of Rs. 1,000 crore over a period of time.
The projects envisage potential joint venture with up to six leading global defence companies. The ammunition range will include small, medium and large calibre and terminally guided munition. The small arms portfolio will address export markets of both civil and military applications, it said.
Reliance Infrastructure Q1 Performance
Reliance Infrastructure's net loss narrowed to Rs 69.5 crore in the first quarter of the current financial year as compared to a loss of Rs 494.8 crore in the same period last year.
The company reported a rise in its income to Rs 7,256.2 crore for the April–June period as against Rs 5,645.3 crore for the same quarter in the previous fiscal. Its expenses rose to Rs 6,799.3 crore from Rs 6,372 crore in the first quarter of the last fiscal.
Shares of Reliance Infrastructure closed 5% lower at Rs 254.55 apiece on the NSE, compared to a 1.25% fall in the benchmark Nifty 50. The stock has risen 49.96% in the last 12 months and 21.33% on a year-to-date basis.
No analysts from Bloomberg tracks the company.
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