Reliance acquisition centre of breach-of-contract claims

07 March 2018

Reliance Infrastructure’s acquisition in 2015 of Pipavav Defence and Offshore Engineering (now named Reliance Naval and Engineering) is at the centre of breach-of-contract allegations being made by the former and present owners of the Indian defence firm.

On 5 March Reliance Infrastructure said in a filing to the Bombay Stock Exchange (BSE) that the company and its subsidiary Reliance Defence Systems have issued an arbitration notice against the founder promoters of Pipavav alleging a “breach of warranties” in its share-purchase agreement to acquire Pipavav, which was signed by the parties in March 2015. Reliance Infrastructure said it is seeking claims worth INR54.4 billion (USD837 million).

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