Adani Group plans mega defence sector investments in next 10 years - Hindustan Times
close_game
close_game

Adani Group plans mega defence sector investments in next 10 years, cites this reason

PTI | By
Mar 09, 2024 03:18 PM IST

In a major move, the Adani Defence and Aerospace last month inaugurated two mega facilities to manufacture ammunition and missiles

The Adani Group will make big investments in the defence sector in the next 10 years in accordance with the Centre's push for self-reliance in defence manufacturing. Adani Defence and Aerospace chief executive Ashish Rajvanshi said that everyone in the company will have to work together to realise the desired goal.

“India has been dependent on defence imports for a long time. Prime Minister Narendra Modi has emphasised on 'self-reliant India'. India is currently the fifth largest economy in the world. The situation has changed in the last five years,” PTI quoted him as saying at NDTV's Defence Summit.

The Adani Group is going to make big investments in the defence sector in the next 10 years(AP)
The Adani Group is going to make big investments in the defence sector in the next 10 years(AP)

Last month, the Adani Group firm had inaugurated two mega facilities to manufacture ammunition and missiles. The 500 acre facility in Kanpur is set to be one of the largest integrated ammunition manufacturing complexes, and will produce high-quality small, medium and large-calibre ammunition for armed forces, paramilitary forces and the police.

ALSO READ: Adani Group in talks with Uber to introduce electric passenger cars: Report

Now catch your favourite game on Crickit. Anytime Anywhere. Find out how

"In the last five years, the steps taken under the leadership of Defence Minister Rajnath Singh towards making India self-reliant in the defence sector are yielding good results," Rajvanshi said during his address to the Summit.

The Adani Defence CEO cited policy initiatives for giving space to private defence industries and efforts to encourage startups, micro, small and medium enterprises (MSME).

"There has been a big change in the policies to promote indigenisation in the last three years -- how can we promote our industry -- now everyone is working in this direction," Rajvanshi said, adding that a roadmap will have to be made and work has to be done accordingly.

ALSO READ: Adani looking to raise 21,577 crore for airport, green expansion

Adani Group considers offering $1.2 billion more bonds

The Adani Group is considering offering another $1.2 billion of dollar bonds by June, people familiar with the matter told Bloomberg, fresh off a note issuance this week that was also part of plans to raise at least $2 billion in mostly new debt this year.

Elevate your career with VIT’s MBA programme that has been designed by its acclaimed faculty & stands out as a beacon for working professionals. Explore now!

See more

Get latest updates on Petrol Price along with Gold Rate , Today Weather and Budget 2024 at Hindustan Times.

SHARE THIS ARTICLE ON
Share this article
SHARE
Story Saved
Live Score
OPEN APP
Saved Articles
Following
My Reads
Sign out
New Delhi 0C
Friday, June 14, 2024
Start 14 Days Free Trial Subscribe Now
Follow Us On