Reliance Group signs pact with Russia's AlmazAntey for air defence missiles, radars

In a deal which coincides with PM Narendra Modi’s visit to Russia, Anil Ambani-led Reliance Group has signed an agreement with Russia's manufacturer of Air Defence Missile Systems, AlmazAntey, to work jointly on a range of air defence missile and radar systems for the Indian defence forces.

The pact with AlmazAntey will extend to 'Deep upgrades' modernization, repairs, execution of offsets, supply of spares, as well as research and development projects for the Indian armed forces, the former said in a release on Thursday.

Reliance Group has also signed a deal with the Russian United Shipbuilding Company for warships.

"Working with Reliance Defence will help us develop new directions for both companies to address future requirements of the Indian Armed Forces," VF Medovnikov, Vice Chairman of AlmazAntey was quoted as saying in the statement.

Reliance Group's Reliance Infrastructure recently concluded an open offer for Pipavav Defence & Offshore Engineering Co, which took the company's shareholding in the latter to 35%.

Reliance Infrastructure said recently that it plans to make its recent acquisition Pipavav Defence & Offshore exit corporate debt restructuring. Reliance Infrastructure acquired 18% in the company from the promoters for Rs 819 crore, making its foray into the defence sector.

The company will be renamed Reliance Defence and Engineering in January 2016.