Reliance Defence and Engineering Limited changes name as Reliance Naval and Engineering Limited

Reliance Naval and Engineering Limited, controlled by Reliance Infrastructure Limited, has received the necessary approval for change of name of Reliance Defence and Engineering Limited to 'Reliance Naval and Engineering Limited' with effect from September 6, 2017.

The change in name substantiates Company's intensive efforts to concentrate on naval shipbuilding as a principal focus segment. It is the first Private Sector Company to build warship. The Company created history in July 2017 by tandem launching two Naval Offshore Patrol Vessels (NOPVs).

Currently, with the best-in-class infrastructure facilities, Reliance is one of the two Private Sector Shipyards in India to undertake large and tactical programmes of Indian Navy and Indian Coast Guard viz. Indigenous Air Craft Carriers, Landing Platform Docks, Frigates and P75I submarines.

Reliance Infrastructure Limited through its subsidiaries is actively pursuing various defence businesses. It has formed Dassault Reliance Aerospace Limited (DRAL) to be key offset partner with Dassault Aviation for 36 Rafael Aircraft with an estimated off-set contract of more than Rs 30,000 crore. Reliance Infrastructure has also formed Reliance Rafael Defence Systems with Rafael Defence of Israel.

Shares of Reliance Naval and Engineering Limited was last trading in BSE at Rs.55.9 as compared to the previous close of Rs. 56.25. The total number of shares traded during the day was 358933 in over 1065 trades.

The stock hit an intraday high of Rs. 57 and intraday low of 55.5. The net turnover during the day was Rs. 20221905.

Source : Equity Bulls

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