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08:11 AM, May 22, 2015
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Reliance Scouts For International JV Eyeing India's $15 Billion Submarine Manufacturing Bid
Anil Ambani, Reliance ADAG Group Chairman

Eyeing the Indian MOD's US $15.7 billion (INR 1 trillion) plan for manufacturing six nuclear-powered submarines and seven stealth warships, Indian conglomerate, Reliance Infrastructure is scouting for an international partner in Russia.

Reliance Infrastructure which has 18 per cent stake in Pipavav Defense and Offshore Engineering, India’s largest defense shipyard to manufacture warships has floated three subsidiaries, Reliance Defense Systems, Reliance Defense Technologies and Reliance Defense & Aerospace in a move to pursue opportunities in the defense sector.

Reliance executives are expected to meet Russian defense minister Sergey Shoigu in Moscow this week to identify a potential Russian JV partner with technology expertise for manufacturing warships in India, Economic Times quoted an unnamed source aware of the discussions as saying on Friday.

The JV may involve one of the defense subsidiaries of Reliance Infrastructure, the person cited above said.

Reliance will be pitching for the centre’s US $9.4 billion (INR60000 Crore) defense contract for locally manufacturing six nuclear submarines.

“We are deeply committed to investments in the defense sector and the PM’s Make In India program,” a Reliance group spokesman was quoted as saying in an email response to ET.

The Russian government declined to share specifics but said it is open to talks with Indian partners. “The Russian side is open to negotiations with Indian partners on various projects, including cooperation and JV to manufacture modern defense equipment,” SV Karmalito, senior counselor in the Russian embassy, said in an emailed response to ET’s queries.

Reliance executives has so far visited China, Latin America, the US and Finland in their search for a potential partner.

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