Anil Ambani on path to become billionaire again as shares of his company jump…., market cap touches Rs…

The company said in a press release that it would establish the country’s largest integrated project , as approximately 1000 acres of land have been allotted to it in Watad Industrial Area of Ratnagiri to develop Dhirubhai Ambani Defence City (DADC).  It will be the largest GREENFIELD project in the defense sector in India by any private sector company.

Shares of Anil Ambani’s Reliance Infrastructure witnessed a surge by 4.99 percent on Wednesday. This increase followed the company’s announcement on Tuesday that it would invest Rs 10,000 crore in a defense project, with the investment to be made over a period of 10 years.

The company said in a press release that it would establish the country’s largest integrated project , as approximately 1000 acres of land have been allotted to it in Watad Industrial Area of Ratnagiri to develop Dhirubhai Ambani Defence City (DADC).  It will be the largest GREENFIELD project in the defense sector in India by any private sector company.

Stock of Reliance Infrastructure hit upper circuit of 5%. It saw a jump by Rs 12.70 to Rs 267.25 on October 23. The company market cap also increased, reaching Rs 10577 crore. The stock has given a multiple-times return of 28 per cent in 2024, 53 per cent in one year, 92 per cent in 2 years and 900 per cent in 5 years.

Reliance Infrastructure  has already had successful joint ventures (JVs) at MIHAN, Nagpur, Maharashtra with two of the leading Global Defence companies – Dassault Aviation and Thales of France.

Reliance infrastructure is already on the path of recovery as the company announced in September that it reduced its debt by 87 percent to Rs 475 crore. The company cleared its all outstanding of ICICI Bank and LIC. It paid Rs 600 crore to LIC to settle the dues.