Billionaire Mukesh Ambani owned Reliance Industries is all set to go big with its new aerospace division, as the company plans to invest massive $1 billion in the new division besides hiring around 1500 people. Taking on conglomerates such as Tata Sons and the Mahindra, a part of a sector that holds high revenue potential, the company would collaborate with global players to bring sophisticated civil and military aerospace technologies to India.
Earlier in the month of July, Reliance Industries applied for a 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 new business is likely to be housed under the company's two new entities, Reliance Aerospace Technologies and Reliance Security Solutions, created about a year back.
On the standalone basis, the company has posted a fall of 20.98% in its net profit at Rs 4473.0 crore for the quarter ended June 30, 2012 as compared to Rs 5661.0 crore for the same quarter in the previous year. However, total income has increased by 14.23% at Rs 93779.0 crore for quarter under review as compared to Rs 82096.0 crore for the quarter ended June 30, 2011.
The Reliance Group, founded by Dhirubhai H. Ambani, is India's largest private sector enterprise, with businesses in the energy and materials value chain. Group's annual revenues are in excess of $30 billion. The flagship company, Reliance Industries, is a Fortune Global 500 company and is the largest private sector company in India.
| Company Name | CMP |
|---|---|
| Reliance Industries | 1365.10 |
| Indian Oil Corp. | 145.85 |
| BPCL | 312.05 |
| HPCL | 370.95 |
| MRPL | 183.20 |
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