Pipavav Defence to exit CDR, Co to be renamed Reliance Defence

Reliance Infrastructure, together with its wholly owned subsidiary, Reliance Defence Systems, had announced a transaction for the acquisition of substantial shareholding and change of management control of Pipavav Defence & Offshore Engineering (PDOC).

The open offer will open on Dec. 2, 2015 and will close on Dec. 15, 2015. Reliance Infrastructure said that the company intends to exit the CDR (Corporate Debt Restructuring) package that the lenders of PDOC had approved in March 2015.

The change of control, reconstitution of the Board of PDOC, and change of name of the company to Reliance Defence and Engineering will be completed  in January 2016.

"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 Prime Minister, Narendra Modi, in an even more significant manner," it said.