Reliance Naval & Engineering Share Price Reliance Nav.Eng
|Whole Time Director & CEO||Debashis Bir|
|Company Secretary||Avinash Godse|
Reliance Defence and Engineering Limited (RDEL) formerly Pipavav Defence and Offshore Engineering Company Limited(PDOECL) has the largest engineering infrastructure in India and is one of the largest in the world RDEL is the first private sector company in India to obtain the licence and contract to build warships.RDEL was incorporated on October 17, 1997 as Pipavav Ship Dismantling and Engineering Ltd. In October 1998, the company acquired the ship dismantling business of GPPL, a company originally promoted by SKIL. Also, the company was granted a sub-lease by GPPL for the establishment and operation of a ship dismantling, repair and building facility in Pipavav Port during the same period.In April 2005, IL&FS, one of the leading infrastructure finance companies in India, became a shareholder of the company. Also, the company changed their main business from ship dismantling to shipbuilding & ship repairing and the name of the company was changed from Pipavav Ship Dismantling and Engineering Ltd to Pipavav Shipyard Ltd to reflect the change in the primary business focus of the company. The Government banking institutions EXIM Bank and IDBI also took stakes in the company as well as private fund UTI.In January 2006, the company entered into a Technical Assistance Agreement with SembCorp, in which SembCorp agreed to assist the company in the planning, designing and construction of the Pipavav Shipyard. In September 2006, they entered into a Basic Agreement for Technical Cooperation with KOMAC, in which KOMAC agreed to supply designs and provide technical services for the Companys shipbuilding project. In October 2006, the company entered into a share purchase agreement with Metdist Industries Holdings Ltd, in which E Complex became a wholly owned subsidiary of the company. In November 2006, the company secured the order for construction of four 74,500 DWT Panamax bulk carriers from Golden Ocean Group Ltd. Also, they entered into an agreement with Golden Ocean Group Ltd for the construction of two optional ships.In December 2006, the company secured their second order for of four 74,500 DWT Panamax bulk carriers from SETAF SAS, France. Also, they secured orders for 74,500 DWT Panamax bulk carriers from the AVGI Maritime Services S A.In September 2007, Punj Lloyd Ltd acquired 19.43% of equity shares of the company and became a promoter of the company with an understanding that Punj Lloyd Ltd will carry out their offshore business in India through the company and thereby expand the companys business to include offshore fabrication and construction. Also, several other major financial players became shareholders in the form of foreign equity investors.In January 2008, the company received the approval from the Development Commissioner, Kandla SEZ, for setting up a unit in the SEZ being developed by E Complex in villages Rampara and Lunsapur for undertaking authorized operations of manufacturing ships, vessels, hulls and off-shore activities. In February 2008, the company commenced steel cutting for the construction of first four ships. The company commenced commercial production with effect from April 1, 2009. In June 2009, the company received a notification of award of contract of 12 OSVs from ONGC.In March 2010, Punj Lloyd Ltd sold their entire stake of 19.43% in the company to their co-promoter, SKIL Infrastructure Ltd, for Rs. 656 crore througn an inter-se promoter transfer.In 2010-11, the company received the industrial license to build defence vessels and entered into building of aircraft carrier, frigates, submarines. In May 2011, the company bagged its first large order valued at Rs. 2,975 crores to build five warships viz Naval Offshore Patrol Vessels for India.During the year 2012-13, the company entered into Joint Venture with Mazagon Dock Ltd, Indias premier defence public sector undertaking. It is one of the first Indian private sector companies to be selected for this Joint Ventures. This will contribute to speedy execution of Mazagon Docks existing order book.In 2013-14, the company selected by the petroleum ministry of Government of India as one of the three shipyards in India for building, the first four indigenous LNG carriers, each of approximately 180,000 Cu. Mtrs. This is a revolutionary step for development of LNG vessel technology in India.During the year 2014-15, Reliance Infrastructure Ltd and its wholly owned subsidiary, Reliance Defence Systems Pvt Ltd, part of the Reliance Group leads by Shri Anil Dhirubhai Ambani have agreed to acquire from the present promoters of Pipavav Defence approximately 17.66 per cent shareholding in the company. consequently, on completion of the open offer and transaction, the management control of Pipavav Defence will rest with the Reliance group and Shri Anil Dhirubhai Ambani will be the chairman of the company.In January 2016, Reliance Defence Systems Pvt Ltd and Reliance Infrastructure Ltd acquired the management control of the company. Consequently, the name of the company was changed from Pipavav Defence and Offshore Engineering Company Limited to Reliance Defence and Engineering Ltd. After this aquisition, Shri Anil D Ambani has been appointed as chairman of the company.