Reliance Industries Ltd (RIL), led by billionaire businessman Mukesh Ambani, is planning to invest about as much as $1 billion over the next few years in its new aerospace division.

The company might also hire about 1,500 people and will tie up with international partners to bring the technology of the civil as well as military application into the country, according to a report. Reliance Industries spokesman has not commented on the matter.

RIL has already applied for an industrial licence with the Department of Industrial Policy and Promotion to design and manufacture equipment for military and civilian aircraft. The company is also seeking permission to design and produce unmanned airborne vehicles in the country. RIL might be planning to set up its aerospace hub in Nashik, according to the report.

The aerospace industry n the country only has state-run firms and private sector companies could greatly benefit from the lucrative contracts as government begins to open the sector to private partnership.

Meanwhile, Reliance Industries had earlier said that it is planning to invest a whooping Rs. 1 lakh crore in various business segments including petrochemicals and oil & gas besides retail and telecom. The additional investment is aimed at doubling its operating profits in 4-5 years.