Indian billionaire signs deal with UAE firm to build naval ships
September 7, 2015, 11:41 am

Anil Ambani, younger sibling of Mukesh Ambani, has seen his fortune slide since 2008 when he was worth $42 billion [Archives]

Reliance Infra, through its unit Reliance Defence Systems Ltd. signed an agreement with the UAE firm, ADSB, which is a provider of construction, repair and refit services for naval, military and commercial vessels.

“Under this MoU, RDL and ADSB are investigating the opportunity to set up a strategic partnership for the construction of naval ships – including frigates, destroyers and other specialized vessels to address the Gulf Cooperation Council (GCC) over the next 10 years,” a statement by the Reliance Group said.

Saudi Arabia, Kuwait, the United Arab Emirates, Qatar, Bahrain and Oman are part of the Gulf Cooperation Council (GCC).

The agreement could also see ADSB delivering maintenance, repair, overhaul and refit services to the vessels, in line with regional requirements, it said.

Reliance Group is likely to use its newly acquired ship-building facilities for this partnership.

The agreement follows the joint statement issued during Indian Prime Minister Narendra Modi’s visit to UAE on August 18 which highlighted “cooperation and manufacture of defence equipment in India”.

Doha Bank on Monday said it has tied up with Anil Ambani-led Reliance Group to generate business opportunities in the Gulf Cooperation Council nations and India.

Anil Ambani was among the influential industrialists questioned by an Indian parliamentary committee about a mobile telephone licensing scandal in 2009.

India’s richest man Mukesh Ambani and his brother Anil have battled over their father’s businesses in the past.

TBP and Agencies