Reliance Defence, a subsidiary of billionaire Anil Ambani's Reliance Infrastructure has signed a memorandum of understanding with the Indian Government to establish a naval facility in Visakhapatnam, India.
Located along the East Coast, the naval facility will focus on manufacturing nuclear submarines and aircraft carriers, as well as repair, maintenance and refitting services.
The RS50 billion (US$750 million) is an effort by India to catch up to the advanced naval capabilities of other countries.
"The US today has 10 aircraft carrier groups operating around the world to project its power and protect its interests and was on course to add another three, while India had barely one. Similarly, while the US has 72 submarines and China 69, India has a small fleet of 17 submarines," Ambani said
The Indian Defence Ministry plans on investing up to US$45 billion in warships and naval vessels over the next 15 years. The Ministry intends on having 200 warships for the Indian Navy, by 2027.