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(Reuters) - Auditors of Reliance Naval and Engineering Ltd have raised doubts about the Anil Ambani-led company's ability to continue as going concern, with shares plummeting to a record low on ...
After the open offer was completed, Reliance Infrastructure held 36.5% equity in Pipavav Shipyard and Anil Ambani was appointed as the chairman. [10] The company was renamed to Reliance Defence and Engineering on 3 March 2016 and again renamed to Reliance Naval and Engineering Limited on 6 September 2017. [11]
Initially, the Indian Navy signed a contract for five offshore patrol vessel to be built by the erstwhile Pipavav Shipyard now (Reliance Defence and Engineering). Numerous delays in the project, initially due to change of design partner and subsequently due to financial issues led to the cancellation of the project in October 2020. [6] [7] [8]
It is a major shareholder in the other group company, Reliance Power and Reliance Naval and Engineering Limited. In Fortune India 500 list of 2019, Reliance Infrastructure was ranked as the 51st largest corporation in India with first rank in 'Infrastructure Development' category.
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Reliance, which was started by Mukesh's father Dhirubhai Ambani in 1957, now operates in telecoms, digital services, retail, oil and gas and new energy with a market value of more than $200 billion.
The Shachi-class (Project 21) was a class of naval offshore patrol vessels supposed to be built by Reliance Defence and Engineering (formerly known as Pipavav Defence and Offshore Engineering Company Limited) at its shipyard in Indian state of Gujarat. The project was scrapped by Ministry of Defense, India after an inordinate delay of 9 years. [1]
Presumably, the company may have also changed its name from Reliance Naval and Engineering Limited, but the cited references do not indicate this. I have cleanup up naming within the article, but when references to the new name are found, the page itself should be renamed and the official naming should be reflected in the article.