Reliance Infrastructure says its foraying into defence sector, shares jump 3%

New Delhi: Reliance Infrastructure, an Anil Ambani Group firm, today announced its foray into the high-potential defence sector with incorporation of three wholly-owned subsidiaries. “Reliance Infrastructure… has set up three wholly-owned subsidiaries viz. Reliance Defence Systems, Reliance Defence Technologies and Reliance Defence and Aerospace to pursue growth opportunities in the defence sector,” the company said in a BSE filing. [caption id=“attachment_2094815” align=“alignleft” width=“380”]  Anil Ambani will be taking on competitors like L&T and the Tatas. Reuters image[/caption]Reliance Infrastructure already has presence in areas like power, infrastructure and EPC segments, among others. With its entry into the defence sector, it would lock horns with the likes of Tata Group, Larsen and Toubro and Mahindra and Mahindra. The defence industry in India is mainly dominated by the public sector, unlike in countries like Russia. However, the government is making efforts towards facilitating the private sector and enable them to play a greater role in defence production. Industry players also believe that the country’s defence sector is set to embark on a significant growth path in near future as the new initiatives announced by the government in promoting defence equipments manufacturing have begun gaining traction among global investors. Reliance Infrastructure shares were trading 3.44 per cent up at Rs 437.70 apiece in morning trade on the BSE. PTI