Reliance Group to foray into defense sector

NEW DELHI (TIP): The Reliance Group is ready to set foot in the defense land scape, and in a big way, said chairman Anil Ambani. “My presence here today demonstrates our commitment to the development of India’s defence industry ,” he said at the Investors’ Summit and Global CEOs’ Conference at Aero India 2015.

He was among the many honchos who came together to discuss the Prime Minister’s ambitious Make in India plan. Ambani said there’s a need for a sovereign defense fund on a PPP model, in which the government holds a 49% share while private sector players hold the rest.

Stating that decision making in India’s defense sector is hamstrung by the fear of regulatory censure and the long shadow of the 3Cs -CBI, CVC and CAG -is leading to a lack of initiative. Defense minister Manohar Parrikar said transparency in policy making is the best way to curb corruption, and in turn, get rid of regulatory fears which hold back investors.

Baba Kalyani, chairman and MD of Bharat Forge, said being a country with traditional manufacturing investments in automotive, capital goods and consumer products, which show limited growth, India needs to invest in untapped industries.

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