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Pipavav Defence to exit CDR after Reliance Infrastructure takeover

PIPAVAVReliance Infrastructure Ltd., one of the flagship companies of the Anil Ambani group, said it expects bring Pipavav Defence & Offshore Engineering Co from the current corporate debt restructuring (CDR) program after taking over the company.

Reliance Infra is in the process of acquiring Pipavav Defence & Offshore and is conducting an open offer for the latter’s shareholders from 2nd December to 15th December.

“It is expected that the change of control, reconstitution of the Board of PDOC, and change of name of the Company to Reliance Defence and Engineering Ltd., will be completed in January 2016. Upon the above steps being completed, and subject to relevant approvals as may be necessary, Reliance Infrastructure intends to exit the CDR (Corporate Debt Restructuring) package that the Lenders of PDOC had approved in March 2015,” the Anil Ambani firm said.

The exit from the CDR is expected to lead to improved financial flexibility and increased business opportunities for PDOC, enabling the Company to contribute to the security of the country, and pursue the Make in India and Skill India programmes of the Hon’ble Prime Minister of India, Shri Narendra Modi, in an even more significant manner, it added.

Reliance Infrastructure Limited Reliance Infrastructure Ltd (RInfra) is one of the largest infrastructure companies, developing projects through various Special Purpose Vehicles (SPVs) in several high growth sectors within the infrastructure space such as Power, Roads, Metro Rail, Cement and Defence.

RInfra also provides electricity in Mumbai and Delhi and built the metro rail project in Mumbai.

Pipavav Defence & Engineering Co. Ltd is promoted by infrastructure group SKIL. PDOC has the largest engineering infrastructure in India, and one of the largest in the world.

The Company is the first private company in India to obtain the contract and licence to build warships and houses the only modular shipbuilding facility with a capacity to build fully fabricated and outfitted blocks.

Its fabrication facility is spread over 2.1 million sq. ft.

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