According to market sources, Jhunjhunwala will acquire a significant minority stake in Pipavav.
Anil said the company is in the process of signing a contract with the Indian Coast Guard for the first defence order for 14 fast patrol vessels
The contract was cancelled two weeks ago due to the delay in the delivery of the vessels, sources said. The contract to build five warships was signed with the company in 2011, much before the Reliance Group took over the Gujarat-based shipyard from its erstwhile owner Nikhil Gandhi.
The prospects of India becoming a credible manufacturer of defence platforms or major weapon systems for export are remote, says Vice Admiral Premvir Das (retd).
The 30-share Sensex ended up 142 points at 29,462 and the 50-share Nifty gained 26 points to end at 8,895.
Govt wants domestic production so as to save foreign currency.
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Barring one, three are debt-free and sitting on large cash reserves.
Warship building projects worth at least Rs 630 billion have ground to a standstill. The defence ministry has halted tendering in wait for a government decision on whether to allow, or to exclude, Anil Ambani's shipbuilding firm from those contracts.
The 30-share Sensex gained 271 points to end at 28,805 and the 50-share Nifty ended up 84 points at 8,712.
While such buying could indicate confidence in the business, investors should do a comprehensive evaluation before getting into the stock.
Promoters of 517 companies have pledged nearly 46.35 per cent of their shares, the highest since the 2008 global financial crisis.
The success of Anil Ambani's ambitious defence plan will depend partly on whether he can persuade government officials and international partners that he can build sophisticated equipment and partly on whether the PM can get India's notoriously slow procurement process to work, say Paritosh Bansal, Sanjeev Miglani and Promit Mukherjee.
These next generation ships can patrol the oceans for three or four months compared to the navy's current patrol boats, which can be at sea for a maximum of 45 days.
Stocks might hit new highs even before B-Day.
The airliners will be withdrawn from Air India, sent to France to fit airborne radars, then handed over to DRDO to be integrated with the complex software that will allow these aircraft to function as 'eye-in-the-sky' controllers of air force battles.
The warships will be armed with BrahMos supersonic cruise missiles which can reach targets 295 km away.
The RBI should provide readily accessible summary information on its website about all corporate debt defaulters and the amounts involved.
In a two-page letter written on December 12, 2017, the Reliance head said he was "personally saddened" by the "unfortunate statements" against him and his group by several functionaries of the Congress party.
Real test of the rally in this segment will be the upcoming result season.
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