Reliance Defence announced it will build a dedicated shipyard for the Indian Navy's construction of six nuclear-powered attack submarines.

Reliance Defence, a subsidiary of billionaire Anil Ambani's Reliance Infrastructure, plans to construct the shipyard next to an Indian Navy base and Bhabha Atomic Research Centre nuclear facility, located 43 miles from Vizag, Defense News reports.

Ambani stated the construction of a dedicated shipyard is part of an effort for India to catch up to the advanced naval capabilities of other countries.

"The U.S. today has 10 aircraft carrier groups operating around the world to project its power and protect its interests and was on course to add another three, while India had barely one," Ambani said. "Similarly, while the U.S. has 72 submarines and China 69, India has a small fleet of 17 submarines."

Ambani added the facility's construction will be supported by an initial investment of $757 million, saying the total costs can amount to as much as $1.5 billion. The Indian Defense Ministry plans to invest up to $45 billion in new warships and other naval vessels over the next 15 years.

The Hindu reports the project represents the single largest private sector investment in any location in the Indian state of Andhra Pradesh.

The defense ministry says it aims for the Indian Navy to posses 200 warships by 2027.