In a major move, the Adani Defence and Aerospace last month inaugurated two mega facilities to manufacture ammunition and missiles
The Adani Group will make big investments in the defence sector in the next 10 years in accordance with the Centre’s push for self-reliance in defence manufacturing. Adani Defence and Aerospace chief executive Ashish Rajvanshi said that everyone in the company will have to work together to realise the desired goal.
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“India has been dependent on defence imports for a long time. Prime Minister Narendra Modi has emphasised on ‘self-reliant India’. India is currently the fifth largest economy in the world. The situation has changed in the last five years,” PTI quoted him as saying at NDTV’s Defence Summit.
Last month, the Adani Group firm had inaugurated two mega facilities to manufacture ammunition and missiles. The 500 acre facility in Kanpur is set to be one of the largest integrated ammunition manufacturing complexes, and will produce high-quality small, medium and large-calibre ammunition for armed forces, paramilitary forces and the police.
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“In the last five years, the steps taken under the leadership of Defence Minister Rajnath Singh towards making India self-reliant in the defence sector are yielding good results,” Rajvanshi said during his address to the Summit.
The Adani Defence CEO cited policy initiatives for giving space to private defence industries and efforts to encourage startups, micro, small and medium enterprises (MSME).
“There has been a big change in the policies to promote indigenisation in the last three years — how can we promote our industry — now everyone is working in this direction,” Rajvanshi said, adding that a roadmap will have to be made and work has to be done accordingly.
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Adani Group considers offering $1.2 billion more bonds
The Adani Group is considering offering another $1.2 billion of dollar bonds by June, people familiar with the matter told Bloomberg, fresh off a note issuance this week that was also part of plans to raise at least $2 billion in mostly new debt this year.
