Mumbai, March 3 (IANS) Pipavav Defence has been renamed Reliance Defence with the industrialist Anil Ambnani-led group getting a permission to this effect from the Registrar of Companies in Ahmedabad, a company statement said.
“Reliance Defence and Engineering Limited is the new name of Pipavav Defence and Offshore Engineering Company Limited. The change of name to reflect the commitment and vision of Reliance,” the company said in a regulatory filing.
The group had said in January that Reliance Infrastructure has taken over the management and control of Pipavav Defence with a 36.5 percent holding and that Anil Ambani will also be the chairman of the acquired company.
This apart, the board had also decided to issue up to Rs.1,500 crore to qualified institutional buyers, subject to approval from shareholders.
The Reliance Group is betting big in the defence space as India has the world’s third largest army, the fourth largest air force and the seventh largest navy, besides figuring among the top 10 in defence purchasers.
In 2013-14, the country spent $50 billion for military needs.