According to market sources, Jhunjhunwala will acquire a significant minority stake in Pipavav.
Indian engineering and maritime groups have lined up an estimated Rs180bn
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Barring one, three are debt-free and sitting on large cash reserves.
While many are sweating in the current environment, Rakesh Jhunjhunwala's portfolio has done well and seen new additions.
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
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.
Anil Ambani will take over as the chairman of Pipavav Defence
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.
Insufficient technology has been transferred during the ongoing Project 75, which involves building 6 Scorpene-class submarines.
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 navy's plan to build three Russian Talwar-class frigates has a less than wholesome odour.
Several CII defence committee members confirm this is now the official CII position, which conforms to that of industry bodies, Ficci and Assocham.
Govt wants domestic production so as to save foreign currency.
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.
The warships will be armed with BrahMos supersonic cruise missiles which can reach targets 295 km away.
The Seventh Fleet's area of responsibility includes the Western Pacific and Indian Ocean and at any given time there are roughly 5070 ships and submarines, 140 aircraft and approximately 20,000 sailors under its command.
The airliners will be withdrawn from Air India, sent to France to fit airborne radars, then handed over to DRDO to be integrated with the complex software that will allow these aircraft to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.
Stocks to watch: Pipavav Defence, ABG Shipyard, Bharati Shipyard
'With Pakistan's 'first use doctrine' threatening the use of nuclear weapons early in a war with India, the S-400 will shield vulnerable targets like Delhi and Mumbai, complicating Pakistan's targeting calculations.'
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The nomination of cluster heads for defence, infrastructure and finance business is awaited.
Sensex rises, Nifty holds 8,900; FMCG, Pharma shares lead.
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.
'What should worry India and which needs to be expressed is Russia's simultaneous proximity to both China and Pakistan from a strategic angle. That hasn't happened ever before,' says Lieutenant General Syed Ata Hasnain (retd).
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).
India Inc is ready to diversify into unchartered areas.
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