Reliance Naval to increase shareholding of Reliance Infra via rights issue

Company's focus to remain on defence sector, says chairman Anil Ambani

Reliance Infrastructure's defence arm Reliance Naval and Engineering will be announcing a rights issue to increase the shareholding of the parent firm, said Chairman Anil Ambani, while speaking to the company's shareholders at the annual general meet held in Mumbai on Tuesday.

"With regard to Reliance Naval, the mandatory requirement for change of ownership is what we have achieved with our 31 per cent shareholding. We have the ability to increase our shareholding to 36 per cent and we will be shortly announcing a rights issue which will help us increase our shareholding," Ambani explained.

Alongside, Reliance Naval (erstwhile Reliance