Mumbai, Oct 7 (IANS): Anil Ambani-led Reliance Defence and Engineering on Friday announced an agreement with Allrig, a US-based service support provider for onshore and offshore installations, to tap a market estimated at Rs 7,000 crore in 10 years.

The association would bring in strategic advantages of high quality services at competitive costs and lower turnaround time to upstream companies operating in the Indian subcontinent with respect to jack-up rigs, drilling rigs and other floating and fixed oil and gas assets, the company said.

Under the partnership, the Reliance Defence shipyard at Pipavav in Gujarat will be developed as a one-stop-solution venue for all the service needs of upstream firms like dry docking, inspection, repair, overhaul, upgradation, rectification, maintenance and spare services.

"The association with Allrig responds to a real time need of the industry of enhanced service provision in the upstream segment," said Vice Admiral H.S. Malhi (Retd), Chief Executive of Reliance Defence and Engineering.

"The association will take part in various opportunities in Indian subcontinent and South-East region. The estimated India market size is about Rs 7,000 crore," the company statement said.