Page 2 - Reliance Naval

Reliance Naval to increase shareholding of Reliance Infra via rights issue

Reliance Infrastructure defence arm Reliance Naval and Engineering will be announcing a rights issue to increase the shareholding of the parent, Anil Ambani, chairman told shareholders at the Annual General Meet held here today. "With regard to Reliance Naval, the mandatory requirement for change of ownership is what we have achieved with our 31 per cent shareholding. We have the ability to increase our share-holding to 36 per cent and we will be shortly announcing a rights issue which will help us increase our shareholding," Ambani explained. Alongside, Reliance Naval (erstwhile Reliance Defence and Engineering) will bid for making six submarines worth Rs 50,000 crore as it remains focused on defence and engineering, procurement and construction business."Our focus is on defence. Yes, there is competition in defence sector. Yes, government is the customer. But we are completely committed to succeed in the defence sector," Ambani said. Currently, 90 percent of the country's defence ...