Reliance Group to Invest in Dredging Market
News sources including The Economic Times of India say the Reliance Group is set to enter the shipbuilding and dredging markets with two separate companies.Sources said the petroleum giant is expected to invest around $1b each in two companies and has begun talks with international majors for a strategic tie-up for the dredging business. The $2b investment is over and above the $1.3binvestment that the Group is making at Rewas Port, off Navi Mumbai. The shipyard will be built at Rewas, where Reliance is setting up a mega-port and a special economic zone (SEZ). The company is also looking at a ship repair yard at Kakinada for servicing offshore/platform vessels and rigs. The group will repotedly spend around $1b to build dredgers at its own shipyard and other yards. Plans are also afoot to set up a mega dredging company, which will compete with international giants based in Europe. Source: Dredging News