NEW DELHI: Reliance Industries , India's third-most valuable company, is expected to invest close to $1 billion over the next few years in its aerospace division, the Economic Times reported on Saturday, citing unnamed executives close to the matter.

The company, controlled by India's richest man Mukesh Ambani, may hire about 1,500 people and collaborate with global players to bring sophisticated civil and military aerospace technologies to India, the paper said.

A Reliance Industries spokesman declined comment, when contacted by Reuters.

Reliance Industries this month applied for a government licence to design and make equipment for military and civilian aircraft as well as unmanned airborne vehicles, the paper said.

Reliance aims to double its operating profit in the next four to five years as it boosts spending and capacity in its core energy business and builds up its retail and telecoms operations.