New Delhi: Reliance Industries Ltd, India's largest private sector enterprise by profit, plans to invest about $1 billion in aerospace sector over the next few years and may join hands with global players to bring in sophisticated aerospace technologies into the country for the same, The Economic Times reported citing unidentified sources.
The energy major, controlled by billionaire Mukesh Ambani, is also looking to appoint 1,500 people for its new aerospace division.
Earlier this month, the company had applied for an industrial license with the Department of Industrial Policy and Promotion to design, develop, manufacture, equipment and components including airframe, engine, radars, avionics and accessories for military and civilian aircraft helicopters, unmanned airborne vehicles and aerostats.
"The company will also undertake research and produce new aerospace technologies, materials, components and equipment and test and carry out their certification," the paper said citing the application filed with DIPP.
Reliance Industries recently created two new entities named Reliance Aerpspace Technologies Pvt Ltd and Reliance Security Solutions Ltd. This came after the company had formed a new entity called 'new business' and appointed the then Boeing Chief Vivek Lall for the launch of its aerospace and homeland security divisions.
The company, in its application to DIPP, has indicated Nashik, in Maharashtra state, as the headquarters for its aerospace business.
Reliance Industries had earlier said that it plans to invest nearly Rs 1 trillion in its core and new businesses, including petrochemical, retail and telecom, in the country over the next four-five years to double operating profit.