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Tuesday, January 19, 2016

Reliance Infra acquires mgmt. control of PDOC

Leading infra firm, Reliance Infrastructure Ltd has said that it has taken over the management and control of Pipavav Defence & Offshore Engineering Co Ltd (PDOC). Reliance Infrastructure will hold 36.5 per cent of the equity capital of Pipavav Defence & Offshore Engineering Co Ltd. Anil D Ambani has taken over as Chairman of PDOC. “RInfra along with defence SPVs are the new Promoters of PDOC and the company will be renamed as Reliance Defence and Engineering Ltd,” the company informed in a filing to the Bombay Stock Exchange. This is the largest acquisition in the defence sector in India and PDOC is uniquely placed to tap growth opportunities in the defence industry under Hon’ble Prime Minister Shri Narendra Modi’s ‘Make In India Programme’. Meanwhile, shares of the company closed at Rs 471 apiece, down 4.51 per cent from the previous close on BSE.