Government of Singapore Investment Corporation(GIC), Singapore's sovereign fund, is said to be in talks to buy 2.5% in Nikhil Gandhi-promoted Pipavav Defence. Pipavav officials confirmed the company is in talks with GIC to sell the stake. At Tuesday's closing price of Rs 83.35, GIC will pay about Rs 143 crore for the 2.5% stake in the company.
Pipavav Defence, formerly Pipavav Shipyard, had in May sought shareholders' nod to raise up to $200 million (about Rs 1,100 crore) to finance its growth plans for the defence sector. GIC's plan to buy the stake comes on the heels of the company receiving an approval from the defence ministry to partner the country's biggest defence shipyard, Mazagon Dock, to jointly build vessels for the Indian navy. Full story
