Reliance Defence Limited (RDL), a member of Anil Ambani group, has signed an agreement with a leading South Korean defence major to jointly manufacture military hardware for India’s armed forces.
As part of the agreement between Reliance Infra promoted RDL and LIG Nex1, the two companies will explore opportunities for developing a range of defence products such as air defence and surveillance radar, sensors and missiles.
The cumulative value of projects being targeted by the two companies will be worth multi billion dollars, an RDL official said without elaborating further, according to a PTI report.
It may be recalled that Anil Ambani had said earlier this year that the defence sector will be the largest business area for his group in the next few years, considering opportunities worth Rs 1 lakh crore per annum in acquisitions for the armed forces.
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