The ministry of defence (MoD) will be seeking fresh commercial bids from Larsen &Turbo (L&T) and Reliance Defence and Engineering (RDEL)
A consortium of lenders led by IDBI has given its approval to the corporate debt restructuring exit plan of Reliance Defence and Engineering Ltd. (RDEL), a subsidiary of Reliance Infrastructure
“If all goes well, then the Navy is expected to close the LPD contract by end of this year,” Vice Admiral DM Deshpande, Controller of Warship Production and Acquisition, Indian Navy, said in New Delhi.
The Pipavav shipyard in Gujarat, owned by the Reliance group headed by Anil Ambani, has emerged as the most important private shipyard for the Indian military in recent times.
Reliance Defence and Engineering expects to exit the corporate debt rejig package this week with the lenders agreeing to longer maturity period for loans worth about Rs 6,800 crore.
Seeking to recover their loans worth about Rs 17,000 crore, lenders of debt-laden ABG Shipyard have put the company on the block but none of the bidders appear to be interested in buying the shares.
In a significant move, Reliance Defence and Engineering Ltd. (RDEL) on Monday announced signing a contract with Ministry of Defence to build 14 Fast Patrol Vessels (FPVs) for Indian Coast Guard, valued at Rs. 916 Crores.
Reliance defence delivers a newbuilt panamax bulk carrier to one of the largest international shipping company seventh panamax vessels with ice – class technology meeting the latest environmental norms. One of the largest dry bulk carrier of its class built in india. Reliance shipyard the only indian private sector shipyard to deliver a panamax class vessel till date.
A day after bagging the Rs 920 crore order to build 14 fast patrol vessels for the Indian Coast Guards, Reliance Defence and Engineering Ltd (RDEL) on Thursday announced winning another Rs 300 crore order for undertaking refit works for three Indian Navy vessels.