Tendersinfo keep you informed about the latest events in the national and international Procurement Industry. Procurement News provides in-depth coverage of the procurement industry, including contract awards, contract additions, new contract wins, mergers and acquisitions. Tendersinfo through its tender news section provides an update on all domestic and global tendering opportunities, invitation to bid & trade leads.

Publish Date : 05-Jan-2016

Defence and security company Saab has sold its stake (approximately 3.3 per cent), in Indias Pipavav Defence and Offshore Engineering Company Limited (Pipavav). The buyer is Indias Reliance Defence Systems Private Limited, which has made a tender offer on outstanding shares in Pipavav. The transaction will positively affect Saabs net financial income and cash flow positively.

On 1 November 2012 Saab announced that it had made an investment in Pipavav. This made a new partnership possible and made sure a good base for future businesses is in place. With a new strong owner in the company Saab is looking forward to develop this potential even further.

It is natural to act on the inquiry we got from Reliance Defence Systems to acquire our stake in Pipavav. We believe the cooperation between Saab and Pipavav now has the potential to get even better with the new owner, says Jan Widerstrm, head of Saab India.

Saab works actively in support of Indias strategy to increase its national ability to produce defence material. Local partnerships are being fostered to meet the needs of the customer and the market conditions, says Jan Widerstrom.

Go to previous page