Reliance may enter security sector

Energy conglomerate Reliance Industries has hired a former Boeing executive to make a possible foray into homeland security and aerospace sectors, two newspapers reported on Tuesday.

Citing unnamed sources, the Times of India and Mint newspapers said Reliance has hired Vivek Lall, a former head of Boeing's military and commercial divisions in India who had helped win large orders for the US company.

A Reliance Industries official declined comment, the Times of India said.

Lall is expected to join as a chief executive officer and president of a new division at Reliance Industries, Mint said.

Overseas and Indian defence manufacturers are looking to take advantage of growth in Indian spending to modernise its military.

India has budgeted USD 32.5 billion for defence spending in the year to end-March, up about 4% on the previous year.

Meanwhile, a burgeoning middle class in an economy growing at nearly 9% has spurred rapid growth in commercial aviation.