Ecnomy Current Affairs - 2019
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Reliance Defence Ltd (RDL) has inked Memorandum of Understanding (MoU) with Andhra Pradesh Government to set up a world class naval facility in the state.
It was announced by Andhra Pradesh Chief Minister N. Chandrababu Naidu during the CII Partnership Summit titled ‘Sunrise Andhra Pradesh Investment Meet’ in Visakhapatnam.
The proposed naval facility will be established at Rambilli, 70 kilometers south of Visakhapatnam on the East Coast of India with an initial investment of 5000 crore rupees.
It should be noted that RDL is subsidiary of Anil Ambani led Reliance Infrastructure Ltd. It had acquired the Pipavav shipyard on West Coast in Gujarat earlier in March 2015.
RDL is going to use these two naval facilities to build submarines and aircraft carriers on lines with Make in India and also provide services including maintenance and refitting of ships.
Sunrise Andhra Pradesh Investment Meet
During this Investment Meet Andhra Pradesh Government has inked as many as 328 MoUs worth 4.78 lakh crore rupees with investors from India and the Middle East, US, China and other countries. The signed pacts have a potential to create employment for nearly ten lakh people.