Industry

Reliance Infra slaps ₹5,440 cr. notice on Pipavav founders

Industrialist Anil Ambani with Nikhil Gandhi, chairman of Pipavav Defence, which was recently acquired by Reliance Infra, at the Pipavav Defence facilities in Gujarat in this file photo.   | Photo Credit: PTI

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Reliance Infra and its arm have made a claim of Rs. 5,440.38 crore.

Reliance Infrastructure and its subsidiary Reliance Defence Systems Private Ltd. has served an arbitration on the founder promoters of Pipavav Defence and Engineering Ltd. (which has since been named as Reliance Naval and Engineering Ltd.

The notice has been issued to the founder-promoters represented by Nikil Gandhi, Bhavash Gandhi and their companies i.e. SKIL Infrastructure, Grevek Investments and Finance Private Ltd. and SKIL Shipyard Holdings Private Ltd.

In a filing with BSE, Reliance Infra said the notice was served on founder-promoters for breach of warranties under the purchase agreement dated March 4, 2014 with them.

Reliance Infra and its arm have made a claim of Rs. 5,440.38 crore.

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Printable version | Mar 6, 2018 12:23:27 AM | http://www.thehindu.com/business/Industry/reliance-infra-serves-arbitration-notice-on-founder-promoters-of-pipavav-defence/article22929627.ece

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