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

MUMBAI: 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 former said in a release Thursday.

The deal coincides witth Prime Minister Narendra Modi's visit to Russia. Reliance Group has also siged a deal with the Russian United Shipbuilding Company for warships.

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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, a statement said.

“Working with Reliance Defence will help us develop new directions for both companies to address future requirements of the Indian Armed Forces," V F 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%.

Also Read: Anil Ambani-led Reliance Group to sign pact with Russian company for Rs 30,000 crore Navy project

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.