India's Reliance Industries Ltd. (500325.BY) is expected to invest close to $1 billion over the next few years into its new aerospace business and recruit around 1,500 staffers for it, the Economic Times newspaper reported Saturday, citing unnamed executives close to the development.
The company, led by billionaire Mukesh Ambani, earlier this month applied for an industrial license with the Department of Industrial Policy and Promotion.
The application has indicated Nashik, a city in the western state of Maharashtra, to be the location of the headquarters for the aerospace division that would design, develop and manufacture equipment and components for military and civilian aircraft, the report stated.
Previously, RIL created two companies, Reliance Aerospace Technologies Pvt. Ltd. and Reliance Security Solutions Ltd. It had also hired then-Boeing India chief Vivek Lall for launching its aerospace and homeland-security division, the report said.
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