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 Reserve Bank of India's action against Reliance Capital comes at a time when the Anil Ambani group was planning to make a comeback with the group company, Reliance Infrastructure, raising funds from the promoter family. As part of the comeback plan, Reliance Infrastructure received Rs 550 crore fund infusion from the Anil Ambani family. A month earlier, Reliance Power, a listed subsidiary of Reliance Infrastructure, also raised funds from its parent by issuing preferential allotment of shares thus increasing the stake of Reliance Infrastructure in the company.
Navy chief Adm. Sunil Lanba said that by 2050, India will have 200 ships, 500 aircraft.
Ajit Mishra, vice president, Research, Religare Broking, answers your stock market queries.
The warships will be armed with BrahMos supersonic cruise missiles which can reach targets 295 km away.
Ajit Mishra, vice president, Research, Religare Broking, answers your queries.
Ajit Mishra, vice president, Research, Religare Broking, answers your queries.
The 'request for proposal' for the indigenous construction of the six submarines will be issued soon, they added.
Navy said the landing demonstrated India's capability to design, develop, construct and operate indigenous aircraft carrier with indigenous fighter aircraft.
Finance Minister Nirmala Sitharaman's Rs 30,600 crore government guarantee for the bad bank has changed the body language of bankers for the better, observes Tamal Bandyopadhyay.
There were 35 defects that still remained to be resolved. Of these, 29 could not have been resolved during the monsoon since they required testing in absolutely calm seas. Nor is the Khanderi being commissioned with a full complement of its primary weapon, the torpedo.
Ready to protect the waters, India's first indigenously-built anti-submarine warfare corvette INS Kamorta will be handed over to the Indian Navy on Saturday, defence officials said.
The defence ministry has lost sight of what it intended to achieve -- which was to nurture private defence firms that would compete on equal terms with the 9 defence PSUs and the 41 Ordnance Factory Board factories.
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.
Ajit Mishra, vice president, Research, Religare Broking, answers your queries.
In line with the government's vision of 'Aatmanirbhar Bharat', the ministry of defence on Thursday signed contracts with Indian shipyards for the acquisition of 11 next generation offshore patrol vessels and six next generation missile vessels at a cost of nearly Rs 19,600 crore, officials said.
Though the government says public and private shipyards compete on equal terms, public shipyards feast at the high table with the defence ministry, with only scraps being tossed to private shipbuilders.
Ajit Mishra, vice president, Research, Religare Broking, answers your queries.
Govt wants domestic production so as to save foreign currency.
There could be significant announcements about India's purchase of Kamov-226T helicopters, S-400 air defence missile systems, and the long-delayed contract for joint development of the Fifth Generation Fighter Aircraft.
Seeking to boost the strategic ties, India and the US finalised the text of the Logistics Exchange Memorandum of Agreement.
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