Pipavav Defence and Offshore Engineering Company Limited to Exit CDR

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

The open offer will open on 2nd December, 2015 and will close on 15th December, 2015. 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 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.

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 is also a leading utility company having presence across the value chain of power businesses i.e. Generation, Transmission, Distribution and Power Trading.

RInfra through its SPVs has executed a portfolio of infrastructure projects such as a metro rail project in Mumbai on build, own, operate and transfer (BOOT) basis; eleven road projects with total length of 1,000 kms on build, operate and transfer (BOT) basis and cement plants of total capacity of 5.6 million tonnes in Madhya Pradesh, Maharashtra and Uttar Pradesh. Two plants of 5 MPTA each at Maihar (Madhya Pradesh) and Mukatban (Yavatmal district of Maharashtra) are under execution.

RInfra also provides Engineering, Procurement and Construction (EPC) services for developing power and road projects

The company has recently entered into the defence sector. The Maharashtra Government has allotted 290 acres of land at Mihan near Nagpur for the development of India's first smart city for the defence sector known as Dhirubhai Ambani Aerospace Park (DAAP). RInfra has also announced the proposed acquisition of Pipavav Defence and Offshore Engineering Co Ltd (PDOC), which houses India's largest dry dock facility to build warships and other naval vessels.

Pipavav Defence and Offshore Engineering Company Limited

Pipavav Defence & Engineering Co. Ltd. (PDOC) is promoted by SKIL Infrastructure Ltd. (SKIL), the flagship company of SKIL Group, which has pioneered path breaking infrastructure projects both in India and abroad since 1990. 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. The facility houses the only modular shipbuilding facility with a capacity to build fully fabricated and outfitted blocks. The fabrication facility is spread over 2.1 million sq. ft. The shipyard has a pre-erection berth of 980 meters length and 40 meters width, and 2 Goliath cranes with combined lifting capacity of 1,200 tonnes, besides outfitting berth length of 780 meters.