Reliance Defense (RDL), a subsidiary company of Reliance Infrastructure, an infrastructure company, announced today signing a memorandum of understanding (MoU) with Abu Dhabi Ship Building (ADSB), a provider of construction, repair and refit services for naval, military and commercial vessels.
Both companies plan to set up a strategic partnership for the construction of naval ships, including frigates, destroyers and other specialized vessels for catering to the market in GCC (Gulf Cooperation Council). The agreement could also see ADSB delivering maintenance, repair, overhaul and refit services to the vessels, in line with regional requirements.
Reliance Group is likely to use its newly acquired shipbuilding facilities at Pipavav for implementation of this collaboration, the company said.
Shares of the company gained Rs 2.2, or 0.68%, to settle at Rs 326.30. The total volume of shares traded was 394,924 at the BSE (Monday).