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<keyword id="2731751" type="UNKNOWN" weightage="100" keywordseo="Reliance-Defence">Reliance Defence</keyword> delivers the first vessel to <a href="http://www.businessinsider.in/ONGC-accuses-Reliance-of-planning-and-executing-strategy-to-extract-gas-from-its-KG-blocks/articleshow/51090872.cms">ONGC</a>. <keyword id="9171" type="PERSON" weightage="100" keywordseo="Anil-Ambani">Anil Ambani</keyword> Group firm Reliance Defence and Engineering Ltd has delivered seventh offshore supply vessel (OSV) to state-owned Oil and Natural Gas Corp (<keyword id="6354737" type="CITY" weightage="100" keywordseo="ONGC">ONGC</keyword>). This is the first vessel to be delivered by Reliance Defence, formerly <keyword id="738065" type="COMPANY" weightage="100" keywordseo="Pipavav-Defence">Pipavav Defence</keyword> and Offshore Engineering Co Ltd, since takeover of the shipyard by <a href="http://www.businessinsider.in/Reliance-Defence-gets-12-industrial-licences-approved-from-DIPP/articleshow/51328594.cms">Reliance Group</a> on January 18, 2016. 
 

	"Reliance Defence and Engineering Limited (RDEL) formerly Pipavav Defence and Offshore Engineering Company Ltd delivered its seventh OSV to ONGC from the series of 12 indigenously designed and built ships, valued at Rs 700 crore," the company said in a statement. 
 

	The total value of the project for supply of 12 OSV to ONGC is over Rs 700 crore. 
 

	"The vessel completed its sea-trials within a record time of two days to the satisfaction of ONGC and Indian Register of Shipping (IRS). The vessel will facilitate ONGC in substituting their older fleet and chartered vessels as well as bring in high level offshore operations," it said. 
 

	The vessel has been designed as a new generation OSV with customized features for Indian waters and offshore fields. It can carry 1,800 tons of cargo at its deepest draught and is designed to carry varied cargo such as freshwater, cement, ballast/drill water and fuel oil. 
 

	In addition to ONGC, the company has also served international clients like Transocean, Shelf Drilling, NPCC and Noble Energy. 
 

	"There is a significant demand for new and replacement vessels for offshore oil and gas fields and RDEL is well positioned to benefit from these initiatives," it said. 
 

	OSV measures 59.2 m in length, 15.0 m in width and 6.75 m in depth and is equipped with Dynamic Positioning-1 and Agni-1 Notation. 
 

	RDEL operates India's largest integrated shipbuilding facility in Gujarat.

	 
	 
	(Image credits: indiatimes)

Reliance Defence to deliver its first vessel after takeover of the shipyard

<a href="http://www.businessinsider.in/searchresult.cms?query=Reliance+Infrastructure">Reliance Infrastructure</a> has said it would make a Rs. 1,263 Crore open offer to acquire additional 26% stake in <a href="http://www.businessinsider.in/searchresult.cms?query=Pipavav+Defence">Pipavav Defence</a> and <a href="http://www.businessinsider.in/searchresult.cms?query=Offshore+Engineering+Company">Offshore Engineering Company</a> on December 2nd. 
 
In March this year, the <a href="http://www.businessinsider.in/searchresult.cms?query=Anil+Ambani">Anil Ambani</a> group firm had revealed plans to acquire controlling stake in <keyword id="738065" type="COMPANY" weightage="80" keywordseo="Pipavav-Defence">Pipavav Defence</keyword> for up to Rs 2,082 Crore. 
 
The open offer, to be made by <a href="http://www.businessinsider.in/searchresult.cms?query=Reliance+Infrastructure">Reliance Infrastructure</a> along with its wholly-owned subsidiary Reliance Defence Systems would open from December 2nd till December 15th. 
 
Under the offer, they would acquire up to 19.14 Crore shares from the public shareholders of <a href="http://www.businessinsider.in/searchresult.cms?query=Pipavav+Defence">Pipavav</a> at a price of Rs 66 apiece. This would value the deal at Rs 1,263.32 Crore. 
 
Image credit: Indiatimes

Reliance Infra wants to buy stake in Pipavav for a
whopping Rs 1,263 Crores

Smelling irregularities, <keyword id="6378893" type="UNKNOWN" weightage="60" keywordseo="market-regulator">market regulator</keyword> <keyword id="35210" type="ORGANIZATION" weightage="80" keywordseo="sebi">SEBI</keyword> has asked stock exchanges for details of trades done in the <keyword id="83846" type="PERSON" weightage="80" keywordseo="Pipavav">Pipavav</keyword> Defence stock prior to the company's recent announcement of stake sale to Reliance Infrastructure. The Economic Times has reported that SEBI is investigating whether some market participants had built positions in the stock, aided by prior knowledge on the matter or not. 
 As per what an <keyword id="272468" type="POSITION" weightage="60" keywordseo="exchange-official">exchange official</keyword> told ET, Exchanges have informed the regulator that they have written to the company and are waiting for its response. When ET tried to dig deep into the issue and sent an email query to <keyword id="35140" type="CITY" weightage="80" keywordseo="BSE">BSE</keyword> and Pipavav Defence on the matter, they did not elicit any response till the time this news went to the press. 
 Pipavav shares had surged 55% to Rs 76.50 during the month before the deal's announcement on March 4. Pipavav Defence and <keyword id="46135" type="COMPANY" weightage="80" keywordseo="Reliance-Infra">Reliance Infra</keyword>, in separate disclosures to stock exchanges, announced signing an agreement according to which Reliance Infra would buy 13 crore Pipavav shares, equivalent to 17.66% equity stake and valued at Rs 819 crore, from the promoters. 
 
Besides, Pipavav also agreed to sell an additional number of equity shares at the same price (for up to Rs 354 crore) to take Reliance Infra's total stake to 25.10 per cent, after taking into account the acquisition made under the open offer. 
 
The financial daily has reported that the market was abuzz with speculation that some investors created positions in Pipavav shares amid the run-up in the stock price. The combined average daily volumes in the stock rose threefold from 81 lakh in January to 2.2 crore in February. The average daily volumes in December stood at 25 lakh. 
 
Confirming the regulatory action, an official at one of the stock exchanges told the ET, "Exchanges have written to Pipavav asking for all the details about the deal as well as the disclosure made by the company with regard to the transaction." 
 
Pipavav shares have declined 21% since the deal announcement as Reliance Infra was offering to buy the stake at Rs 63 a share while the stock was trading at a little over Rs 76. 
 
ET has reported that Reliance Infra, saddled with debt of more than Rs 24,000 crore, made an open offer for acquisition of further 26% stake from public shareholders for Rs 1,263 crore at Rs 66 a share. Between January 1 and February 20, 2015, about 1.5 crore shares belonging to promoters of Pipavav were sold by the lenders with whom the shares were pledged. 
 
In a disclosure to BSE on February 20, 2015, Pipavav said JM Financial and IFCI liquidated 1.2 crore and 50,000 shares, respectively, which were pledged with them as security. JM Financial is also the banker for the open offer. 
 
As on December 31, 2014, the promoter group led by Nikhil Gandhi held 44.5% stake in Pipavav, of which 99.66% had been pledged. Billionaire investor Rakesh Jhunjhunwala held 3.41% as on December 31, 2014. 
 
(Image: Reuters)

Pipavav defence deal making SEBI nervous, know why

<keyword id="9171" type="PERSON" weightage="20" keywordseo="Anil-Ambani">Anil Ambani</keyword>, the chairman of <keyword id="54268" type="COMPANY" weightage="20" keywordseo="Reliance-Group">Reliance Group</keyword>, is keen on making a big-bang entry in the fastest growing defence sector of the country. If news reports are to be believed, the Indian armed forces would require more military choppers over a period of time and the Mumbai-based conglomerate is hoping to make he most of this untapped opportunity. According to The Economic Times, Reliance Infrastructure is set to bid for two major military chopper contracts worth more than $ 3 billion. Reliance Infrastructure, a subsidiary of the <keyword id="10927" type="COMPANY" weightage="20" keywordseo="Anil-Dhirubhai-Ambani-Group">Anil Dhirubhai Ambani Group</keyword> (ADAG) has recently picked up a controlling stake in <keyword id="738065" type="COMPANY" weightage="20" keywordseo="Pipavav-Defence">Pipavav Defence</keyword>, a private shipyard based in Gujarat. The leading business daily reported that Anil Ambani met top executives from chopper manufacturers like Bell, AgustaWestland and <keyword id="6356166" type="COMPANY" weightage="20" keywordseo="Airbus">Airbus</keyword> over the past few weeks. It also quoted sources saying that Reliance Infrastructure has collaborated with a European manufacturer through one of its subsidiaries and has responded to a request for information (RFI) by the <keyword id="6355100" type="ORGANIZATION" weightage="20" keywordseo="Indian-Navy">Indian Navy</keyword>, which needs more than 100 Naval Utility Helicopters. Apart from Indian Navy, Anil Ambani is also prepping to respond to the demand for 197 light helicopters of the <keyword id="6354416" type="ORGANIZATION" weightage="20" keywordseo="Indian-Army">Indian Army</keyword> as well as <keyword id="15141" type="ORGANIZATION" weightage="20" keywordseo="Indian-Air-Force">Indian Air force</keyword> (IAF), in a bid to help the forces maintain troops in high altitude areas, glitch-free, the ET said. 
	(Image: itimes)

Anil Ambani wants to make military choppers. Here’s how

India’s dream of getting an India-made world class warship seems to be distant now. As per news report by The Economic Times, private shipyard Pipavav is facing a stiff penalty from the Ministry of Defence over a significant delay in the production of naval patrol vessels, a Rs 2,500 crore project that was signed in 2011. A top naval officer told the ET that the Naval Offshore Patrol Vessel (NOPV) project is running almost 18 months behind schedule and that the ministry could take penal action as per the rules. 
 
The NOPV project was the first-ever Indian warship construction project that was handed over to the private sector and the first of five vessels under the plan was to be delivered early this year. However, due to multiple reasons - one of them being a midterm change in the foreign design partner - the first vessel is now expected to arrive by June 2016. 
 
Navy's Controller of Warship Production and Acquisition Vice Admiral AV Subhedar confirmed to ET that the delay has occurred and as per the new timeline, all five vessels are to be delivered within a two year period starting June next year. A senior Navy officer said that the delay is likely to incur a penalty from the Defence Ministry as per the rules. However, the penalty would not exceed Rs 125 crore. Despite attempts, Pipavav did not respond to queries on the matter that were sent by ET. Reliance Infrastructure, which has recently acquired the shipyard did not comment as it is yet to take over the management of the company. The Defence Ministry is also believed to have made queries on the new ownership pattern of the shipyard as it is presently undertaking a military project. 
 
Sources said that the NOPV project - the first naval order to be won in a competitive bidding by a private yard - has run into trouble due to a delay by Pipavav in finalizing a design partner. While a contract was initially signed with a Russian firm, negotiations broke down over differences on pricing and were terminated. 
 
(Image: Wikipedia)

Pipavav Shipyard in turbulent waters. Slapped with a fine of Rs 125 crore

<keyword id="9171" type="PERSON" weightage="100" keywordseo="Anil-Ambani">Anil Ambani</keyword> is stepping into defence industry and how. After he acquired the Pipavav shipyard, Ambani is now creating a cluster of companies and applying for licences to design, develop and manufacture military equipment ranging from UAVs and spacecraft to submarine systems. 
 His <keyword id="2900225" type="UNKNOWN" weightage="100" keywordseo="Reliance-Defence-Limited">Reliance Defence Limited</keyword> (RDL) has quietly raised 11 new companies focused on defence - each of them targeting a potential market of at least Rs 10,000 crore. 
Executives told Economic Times that these companies would be used as joint venture partners with foreign manufacturers looking at the ‘Make in India’ initiative or for licence production of equipment. It is also looking to export defence products from India. 
 
Ambani also wants to beyond ship building and helicopter manufacturing, and has applied for at least 13 new licences to develop and produce military systems, with the hope for clearances by the end of this year. 
 
"The group will aim at a leadership position in the sector and is committed to deliver on time and give the best value proposition," Rajesh Dhingra, President, Reliance Defence &amp;Aerospace Pvt Ltd told ET, confirming the developments. 
 
The financial daily reported the applications show that RDL is keen on entering the core markets of land systems, unmanned aviation, defence electronics, submarine construction, production of missiles and development of engines for all platforms. 
 
The firm has also sought permission to manufacture spacecraft and satellites. 
 
RDL is also looking at the lucrative maintenance, repair and overhaul (MRO) business for both aircraft and naval vessels. 
 
Senior executives told ET that the company has been getting positive responses from global defence manufacturers that have been in talks over the past few months. 
As reported by ET, Anil Ambani has been personally driving the defence business and has met the leadership of almost all major defence manufacturers around the world. "The response from global OEMs has been exceptional and commitments received have the potential of transforming Indian defence industry in the next ten years," Dhingra told the financial daily. 
 
The business plan of RDL is believed to be based on the estimation that the requirement of military hardware in the next decade would exceed $250 billion. 
 
The company has also been on a hiring spree, picking up executives for its head office in Delhi as well as preparing the formal takeover of the Pipavav Shipyard. 
 
It is also in the race for several defence contracts, including a $2 billion order for landing platform docks (LPDs) which is nearing finalisation and two helicopter manufacturing projects worth over $3 billion that are in the initial stages. 
 
(Image: Indiatimes)

Anil Ambani is going for the kill in the defence sector, even as his elder brother creates ripples in telecom

Banks have asked <keyword id="9171" type="PERSON" weightage="100" keywordseo="Anil-Ambani">Anil Ambani</keyword> to give personal guarantee over loans to <keyword id="2731751" type="UNKNOWN" weightage="100" keywordseo="Reliance-Defence">Reliance Defence</keyword> and are not keen on accepting former promoter <keyword id="47432" type="PERSON" weightage="20" keywordseo="Nikhil-Gandhi">Nikhil Gandhi</keyword>’s guarantee. 
 Anil Ambani-led <keyword id="54268" type="COMPANY" weightage="20" keywordseo="Reliance-Group">Reliance Group</keyword> took over Pipavav Defence from Gandhi last year and renamed it Reliance Defence. Ambani’s ambitious defence plans may hit a roadblock if he does not furnish a personal guarantee. 
 
“Unless the stalemate is resolved, lenders may not go ahead in providing additional funding that the company needs for its existing project," a bank executive told ET. 
 
Reliance Defence already has Rs 12,600 in bank debt and now has sought another Rs 400 crore in priority loans and a separate non-fundbased limit of Rs 1,000 crore. 
 
The banks have also rejected a corporate guarantee from group unit Reliance Infrastructure. 
 
As per reports, Reliance Defence wants to raise Rs 1,200 crore through a rights issue in which Reliance Group is expected to raise its stake by buying shares due to Gandhi. 
 
ET reported the company has said that proceeds of the issue will enable Reliance Defence to exit from the corporate debt restructuring (CDR) process and strengthen its financial position. CDR involves distressed borrowers and lenders agreeing to easier loan terms.

Banks reject corporate guarantee on loans to Reliance Defence, insist on Anil Ambani’s personal guarantee

In a deal which coincides with PM <a href="http://www.businessinsider.in/searchresult.cms?query=narendra+modi">Narendra </a><a href="http://www.businessinsider.in/searchresult.cms?query=narendra+modi">Modi’</a>s visit to Russia, <a href="http://www.businessinsider.in/searchresult.cms?query=Anil+Ambani">Anil </a><a href="http://www.businessinsider.in/searchresult.cms?query=Anil+Ambani">Ambani</a>-led <keyword id="54268" type="COMPANY" weightage="100" keywordseo="Reliance-Group">Reliance Group</keyword> has signed an agreement with Russia's manufacturer of Air Defence Missile Systems, <keyword id="3182945" type="UNKNOWN" weightage="100" keywordseo="AlmazAntey">AlmazAntey</keyword>, to work jointly on a range of air defence missile and radar systems for the <keyword id="1161005" type="UNKNOWN" weightage="100" keywordseo="Indian-Defence-Forces">Indian defence forces</keyword>. 
 
The pact with AlmazAntey will extend to 'Deep upgrades' modernization, repairs, execution of offsets, supply of spares, as well as research and development projects for the Indian armed forces, the former said in a release on Thursday. 
 
Reliance Group has also signed a deal with the Russian United Shipbuilding Company for warships. 
 
"Working with Reliance Defence will help us develop new directions for both companies to address future requirements of the Indian Armed Forces," VF Medovnikov, Vice Chairman of AlmazAntey was quoted as saying in the statement. 
 
Reliance Group's Reliance Infrastructure recently concluded an open offer for Pipavav Defence &amp; Offshore Engineering Co, which took the company's shareholding in the latter to 35%. 
 
Reliance Infrastructure said recently that it plans to make its recent acquisition Pipavav Defence &amp; Offshore exit corporate debt restructuring. Reliance Infrastructure acquired 18% in the company from the promoters for Rs 819 crore, making its foray into the defence sector. 
 
The company will be renamed Reliance Defence and Engineering in January 2016.

Reliance Group signs pact with Russia's AlmazAntey for air defence missiles, radars

Shares of Pipavav Defence surged more than 7 percent in early deals today after the Economic Times reported the shipyard had won a Russian project to make several warships for the Indian Navy. The contract is estimated at $3 billion, making it among the biggest handed out by the government to the private sector. 
 
Pipavav Defence rose 3.60 rupees, or 6 percent, to 63.75 rupees on the National Stock Exchange where 83.2 lakh shares were traded in the first 45 minutes of trade versus a 5-day average of 34 lakh shares. 
 
Pipavav, where Anil Ambani controlled ADAG group recently purchased majority control, is India's biggest private sector ship building yard. This contract will help the company enter the big league among defence contractors internationally. 
 
Russia will make the Talwar-class frigates for the Indian Navy locally under the Make In India scheme which is being aggressively pushed globally by Prime Minister Narendra Modi. 
 
Pipavav Defence has seen its market capitalisation rise 25 percent to 4,690 crore rupees over the past six months. 
 
(Image credit: Indiatimes)

The Defence sector is doing rather well in Dalal Street. Know why

<keyword id="19896626" type="General" weightage="20" keywordseo="Kolkata" source="keywords">Kolkata</keyword> (West Bengal): In a coordinated sea-air <keyword id="21030050" type="General" weightage="20" keywordseo="Search-and-Rescue" source="keywords">Search and Rescue</keyword> operation, the <keyword id="19926358" type="General" weightage="100" keywordseo="Indian-Coast-Guard" source="keywords" meta.keywordsubtype="org" meta.entityname="Indian Coast Guard" meta.hostid="153" meta.entityid="Indian Coast Guard">Indian Coast Guard</keyword> on Sunday night rescued 11 people from a sinking merchant vessel en route from Kolkata to <keyword id="19979114" type="General" weightage="20" keywordseo="Port-Blair" source="keywords">Port Blair</keyword>, officials said. The <keyword id="20036914" type="General" weightage="20" keywordseo="coast-guard" source="keywords">Coast Guard</keyword> ships Sarang and Amogh, supported by a <keyword id="20972104" type="General" weightage="20" keywordseo="Dornier-aircraft" source="keywords">Dornier aircraft</keyword> undertook the operation in extremely inclement sea conditions. According to the Indian Coast Guard, the merchant vessel, ITT Puma sank 90 nautical miles (nm) south of <keyword id="20112558" type="General" weightage="20" keywordseo="Sagar-Island" source="keywords">Sagar Island</keyword>. The ship was heading to Port Blair from Kolkata. "The Indian Coast Guard conducted an unprecedented swift night operation, rescuing 11 precious lives in a coordinated sea-air Search and <keyword id="19931478" type="General" weightage="20" keywordseo="rescue" source="keywords">Rescue</keyword> (SAR) operation. MV ITT PUMA reportedly sank 90 nautical miles (nm) south of Sagar Island, while on passage from Kolkata to Port Blair. Indian Coast Guard ships Sarang and Amogh, along with a CG Dornier aircraft, undertook this operation in extremely inclement sea conditions," ICG stated in a post on X. Earlier on August 24, the Indian Coast Guard Dornier aircraft detected IFB Angel adrift due to an engine defect, about 70 km southeast of Diu on the evening of August 24. The information was relayed to the ICG Maritime Rescue Coordination Sub Centre (MRCSC) at Pipavav. ICG Ship Rajratan was diverted to assist the distressed IFB with 09 crew amid rough seas. The boat was safely towed to Jafarabad. On August 18, Defence Minister Rajnath Singh inaugurated the newly constructed state-of-the-art Indian Coast Guard (ICG) Maritime Rescue Coordination Centre building in Chennai, Tamil Nadu. He also virtually launched the Regional Marine Pollution Response Centre, located at the Chennai Port premises, and the Coast Guard Air Enclave in Puducherry. The buildings have been established to ensure robust maritime security and provide efficient responses to emergencies, reinforcing the country's commitment to maritime safety and environmental protection. This state-of-the-art facility aims to significantly enhance the coordination and effectiveness of maritime rescue operations for mariners &amp; fishermen in distress at sea. It underscores the Government's resolve to protect lives and ensure a swift response in critical situations, added the statement. The Centre is installed with the latest equipment for distress monitoring through terrestrial &amp; satellite systems and equipped with advanced communication systems for real-time management of alerts by highly-trained personnel of ICG specialising in Search &amp; Rescue procedures, with the rescue aircraft, ships and other facilities. (ANI)

Indian Coast Guard rescues 11 in a sea-air operation after merchant ship en route from Kolkata to Port Blair sinks

New Delhi, Jun 1 () Lenders of Reliance Naval and Engineering Ltd (RNEL), a part of Reliance Group, have sought expressions of interest from buyers for the sale of private shipbuilder under the Insolvency and Bankruptcy Code. RNEL was admitted for insolvency proceedings on January 15 by the Ahmedabad bench of the National Company Law Tribunal. The last date for submission of expressions of interest (EoIs) is June 27, while the final list of prospective resolution applicants will be issued on July 17, according to an EoI offer notice issued by the resolution professional (RP). Companies with a minimum net worth of Rs 600 crore and a consolidated group turnover of at least Rs 2,000 crore can bid for the company, it said. The eligibility for financial institutions and private equity investors is Rs 1,000 crore of minimum assets under management. The company is being sold to recover outstanding loans of Rs 43,587 crore. Of this, the RP has admitted Rs 10,878 crore of dues of financial creditors, and another Rs 32,693 crore is under verification. Operational creditors have claimed another Rs 1,922 crore from the company, of which only Rs 485 crore has so far been admitted by RP, the document said. Despite having the state-of-the art facility at Pipavav in Gujarat, RNEL shipyard has been facing severe headwinds since 2013 due to the lack of orders from the Defence Ministry. The shipyard has been in a lot of stress leading to a significant reduction in operations as compared to its capacity. According to an analyst, the bankruptcy process for RNEL will have no impact on its promoter company Reliance Infrastructure (RInfra) because, while finalising its audited accounts for March 2019 RInfra has already provided for its investment in RNEL. When contacted, RNEL spokesperson declined to comment. Last month, the government had announced raising of foreign investment limit in defence manufacturing to 74 per cent under the automatic route from 49 per cent to give a boost to the domestic defence industry. An industry expert said it will be very tough for lenders to find buyers for RNEL under the ongoing process as in the past, two private shipbuilders had failed to attract any buyer during their bankruptcy process. In the absence of any buyer, ABG shipyard with a total debt of Rs 20,000 crore and Bharti Shipyard with its Rs 13,000 crore debt had to go for liquidation. This low interest in private shipbuilders is due to lack of orders from the government, he explained adding the government has not placed any significant orders with the Indian private shipyards, leading to severe stress for them. Lack of orders also forced L&amp;T to merge its L&amp;T Shipbuilding, including Kattupalli Shipyard with itself last year. The last date for submission of resolution plan for RNEL is August 6, and the plan is expected to be submitted to the bankruptcy court for approval on September 5, the offer document said. ANZ ANU ANU

Lenders to Reliance Naval seek EoIs for sale

<ul><li>Reliance Marine was today admitted for insolvency proceedings. </li><li>Reliance Marine is a subsidiary of Reliance Naval which itself is on the verge of bankruptcy. </li><li>It is the second company of Anil Dhirubhai Ambani Group (ADAG) after Reliance Communications to head to bankruptcy. </li></ul> This could be the worst year of 60-year-old <keyword id="9171" type="PERSON" weightage="20" keywordseo="Anil-Ambani">Anil Ambani</keyword>’s life. Within two months of Reliance Communications heading to bankruptcy, yet another company Reliance Marine was today admitted for insolvency proceedings, as per<a href="https://economictimes.indiatimes.com/industry/transportation/shipping-/-transport/reliance-marine-to-face-insolvency-proceedings/articleshow/70782215.cms?UTM_Source=Google_Newsstand&amp;UTM_Campaign=RSS_Feed&amp;UTM_Medium=Referral"> an ET report</a>. The group’s telecom venture, Reliance Communications <a href="https://economictimes.indiatimes.com/industry/telecom/telecom-news/reliance-communications-heads-to-bankruptcy-court/articleshow/69122711.cms?from=mdr">went bankrupt </a>in May with massive unpaid dues of around ₹46,000 crore. Reliance Marine and Offshore is a subsidiary of Reliance Naval, whose shares are trading at a mere ₹1.22. The debt of Reliance Naval is a 100 times that of the company’s market value of ₹90 crore today (August 22). Ballooning debt Reliance Naval’s subsidiary Reliance Marine has debt of around ₹1,000 crore and the lenders include government firms like NBFC and IFCI, who filed the bankruptcy petition as early as 2017, which has been accepted today. A company spokesperson has not responded to Business Insider’s queries on the development. Anil Ambani had bought over Pipavav Defence, a struggling company in 2015 and renamed it Reliance Naval, hoping to bag defence engineering contracts from the government. And he did. The company had contracts worth ₹2,500 crore from the Indian Navy, but as the deadline was overshot by 4 years, it decided to encash the bank guarantees that RNaval gave. Crisis of confidence A second group company going bankrupt will add to crisis of confidence in connection with Anil Ambani. Auditors have been pointing out discrepancies in the financials of his companies, or even quitting his companies. In June, PriceWaterHouseCoopers has quit as the auditing firm of Reliance Capital and Reliance Home Finance saying that it “<a href="https://www.businessinsider.in/anil-ambani-reliance-capital-auditor-pwc-resigns/articleshow/69750766.cms">impaired its</a> independence”. Recently, Reliance Capital’s board gave a <a href="https://www.businessinsider.in/business/reliance-capital-share-price-as-its-board-clears-it-of-pwcs-charges/articleshow/70588987.cms">clean chit to </a>the management over the allegations. Added to that, yet another of its company Reliance Infrastructure’s auditors Pathak HD&amp; Associates who pointed out that there was money missing from<a href="https://www.businessinsider.in/anil-ambani-owned-rel-infra-auditor-says-money-missing/articleshow/69819256.cms"> their balance sheet</a>, and that the audit was hence incomplete. Lack of confidence has hurt <a href="https://www.business-standard.com/article/markets/adag-stocks-tumble-after-rpower-posts-loss-in-q4-rinfra-defers-result-119061000163_1.html">the share prices </a>of all the group companies, and in turn, the small investors who hold the stock. SEE ALSO <a href="https://www.businessinsider.in/anil-ambani-goes-from-yacht-to-almost-jail-to-bankruptcy/articleshow/69835915.cms">Anil Ambani may not be a billionaire anymore — here's how he lost it all in just a decade</a>

You Searched For "Pipavav Defence" and got 12 results

Reliance Defence to deliver its first vessel after takeover of the shipyard

BI India Bureau

Reliance Infra wants to buy stake in Pipavav for a whopping Rs 1,263 Crores

BI India Bureau

Pipavav defence deal making SEBI nervous, know why

BI India Bureau

Anil Ambani wants to make military choppers. Here’s how

BI India Bureau

Pipavav Shipyard in turbulent waters. Slapped with a fine of Rs 125 crore

BI India Bureau

Anil Ambani is going for the kill in the defence sector, even as his elder brother creates ripples in telecom

BI India Bureau

Banks reject corporate guarantee on loans to Reliance Defence, insist on Anil Ambani’s personal guarantee

BI India Bureau

Reliance Group signs pact with Russia's AlmazAntey for air defence missiles, radars

BI India Bureau

The Defence sector is doing rather well in Dalal Street. Know why

Shailendra Bhatnagar

Indian Coast Guard rescues 11 in a sea-air operation after merchant ship en route from Kolkata to Port Blair sinks

ANI

Lenders to Reliance Naval seek EoIs for sale

PTI

Anil Ambani’s Reliance Marine is his second company to be declared bankrupt

Katya Naidu

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