Reliance Infra acquires Pipavav

Reliance Infrastructure, together with its wholly owned subsidiary Reliance Defence Systems Private Limited, has announced to acquire Pipavav Defence and Offshore Engineering Company Limited. The company will acquire 13,00,00,000 equity shares representing approx. 18% shareholding in the Company, aggregating Rs. 819 crore. After the transaction is completed, the existing promoters of Pipavav Defence will continue to retain a minority stake in the company, and will have two non-executive board seats.

Source: http://economictimes.indiatimes.com/industry/indl-goods/svs/engineering/reliance-infra-acquires-pipavav-for-up-to-rs-2082-crore/articleshow/46457833.cms

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