Mumbai, Sep 30 (IANS): Reliance Infrastructure chairman Anil Ambani on Wednesday said smart cities and defence manufacturing would the future drivers of growth for the company, and that the major acquisition of Pipavav Defence will be concluded in the current year.

Addressing the company's shareholders here, Ambani also indicated strategic sale in roads and cement business, in which an investment of around Rs.15,000 crore has been made till date.

On the Smart Cities project, the chairman said there was much hope after the designation of 100 places for the project, as Reliance Infra had the expertise to offer integrated solutions, what with capabilities in utilities, transport and telecom, among other areas.

He, however, had some concerns, given the experiences of some group companies. These challenges, he said, were in the public-private partnership space, as also over regulatory uncertainties, legal deadlocks and arbitration, fulfillment of promises and proper risk sharing mechanisms.

Describing defence manufacturing as a sector with moderate capital intensity, Ambani said the projects on the plate included Naval System Development Center of Excellence in Saurashtra, Aerospace Center of Excellence near Nagpur, and an innovation center in Bangalore.

"Discussion are on with large number of international defence majors for strategic partnerships."