Mukesh Ambani controlled Reliance Industries is likely to invest $2 billion to boost its aerospace and telecoms businesses, Economic Times reports.
Quoting unnamed executives, the Economic Times said Reliance had lined up close to $1 billion to spend on its new aerospace operations over the next few years and would likely hire around 1,500 people for the division.
The report said that Reliance Industries aims to collaborate with global players to bring sophisticated aerospace technologies to the country and make India a global hub in aerospace manufacturing.
Earlier the company had applied this month for a government licence to design and manufacture equipment for military and civilian aircraft as well as unmanned airborne vehicles, the newspaper said.
The move by Reliance comes after the company created two new entities, Reliance Aerospace Technologies and Reliance Security Solutions.
According to reports, Reliance was also reportedly likely to purchase more than $1 billion worth of fourth-generation (4G) telecom network gear from South Korea's Samsung Electronics.