Reliance Infrastructure Ltd announced acquisition of Pipavav Defense Company Ltd [ Current Affairs ]
Reliance Infrastructure Ltd (chairman Anil Ambani) announced acquisition of Pipavav Defense Company Ltd and (PDOE Offshore Engineering Company Ltd). According to the agreement, Reliance Infrastructure Ltd will drive into the emerging business of defence production with cost of 2082.3 crore rupees.
- Anil Ambani is Chairman of Reliance Infrastructure Ltd will pay 819 crore rupees to buy 18 percent stake from Nikhil Gandhi-led Pipavav Defense and it will also make offer additional 26 percent stake at 66 rupees per share totaling to 1263.3 crore rupees .
- Before this acquisition, Pipavav Defense will continue to retain a minority stake in the company and together with two non-executive board seats.
- Pipavav Defense and Offshore Engineering Company Ltd (PDOE) led by Nikhil Gandhi and it is India’s first world class integrated defence production, ship building and offshore infrastructure company to get the license and contracts to build frontline warships for the Indian Navy .
- Pipavav Defense has one of the world’s largest infrastructure facilities which spread over 841 acres of land on the Gujarat coast and has one of the world’s largest dry docks measuring 662 meters in length and 65 meters in width.
- Published on: March 8, 2015