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Reliance Infrastructure of Anil Ambani Group and Pipavav Defence Company Deal - March 2015
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Reliance Infrastructure of Anil Ambani Group and Pipavav Defence Company Deal - March 2015

Pipavav Defence Company is owned by Reliance Infrastructure. Reliance Infrastructure is Anil Ambani’s Company. Pipavav Defence is the first private company to get the contracts for building warships for the Indian Navy. Reliance Infra and Pipavav Defence Company deal is signed on 3 March 2015.

Anil Ambani will take over as a chairman of Pipavav Defence with full management control. Reliance infra will buy 18% shares from promoter group led by Nikhil Gandhi at Rs 63 per share, aggregating to Rs 819 crore.The Reliance Company will make an open offer for an additional 26% shares at Rs 66 apiece, totaling Rs 1,263.3 crore.

Pipavav Defence has one of the world's largest infrastructure facilities. Indian business groups such as Mahindra & Mahindra, Reliance Industries, Tata and Hero group have shown keen interest in the sector.

The deal with Pipavav Defence Company will give Reliance more firepower to bid for upcoming Defence deals in India, the world's biggest importer of Defence equipment. Pipavav Defence and Offshore Engineering Company Limited will be developed as the Defence Hub of India by Anil Ambani.

After completion of acquisition process, Anil Ambani will take over charge as a Chairman of Pipavav Defence Company.

India is one of the largest spenders on Defence equipment. According to government estimates, the cumulative Defence budget, consisting of capital and revenue expenditure, has increased 32% between fiscal 2011 and fiscal 2014 to Rs 2.04 lakh crore. About 70% of India's Defence requirements are met through imports and the rest through local production by state owned companies.

Main Category : Gujarat Updates
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Reliance Infrastructure of Anil Ambani Group and Pipavav Defence Company Deal - March 2015
Reliance Infrastructure of Anil Ambani Group and Pipavav Defence Company Deal - March 2015
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