Reliance Infra buys Pipavav for Rs 819 cr

Tribune News Service

New Delhi, March 4

Reliance Infrastructure Limited today announced the acquisition of Pipavav Defence and Offshore Engineering Company Limited, together with sole management control.

Reliance Infrastructure, together with its wholly owned subsidiary Reliance Defence Systems Private Limited, has agreed to take 18% stake for Rs 819 crore.

Reliance Defence Systems Ltd has also announced to make an open offer to acquire 26% shares from the public at a price of Rs 66 per share.

Post the completion of transaction, Anil Ambani, chairman, Reliance Group, will become chairman of the company.

Pipavav Defence is India’s first world-class integrated defence production, ship building and offshore infrastructure company. The company has a licence and contracts to build frontline warships for the Indian Navy.