Pipavav Defence to raise $200 million via overseas borrowings

28 Apr 2012

Pipavav Defence and Offshore Engineering Company is planning to raise $200 million through a bond issue or overseas borrowings. In this regard, the company’s board at its meeting held on April 27, 2012 approved raising by way of issue of non-convertible bonds and/or External Commercial Borrowings (ECB) and/or Foreign Currency Convertible Bond (FCCB) and/or any other convertible instruments in one or more tranches.

The private sector shipbuilder has recently expanded into the defence sector and is eying at exports to geographies like Latin America, Indonesia and Africa. About half of its present order book, estimated currently at $1.5 billion, comprises overseas orders.

Pipavav Defence and Offshore Engineering Company is engaged in defence, offshore, marine and engineering sectors. The company has two units, one special economic zone (SEZ) unit spread over around 95 hectares of land and another export oriented unit (EOU) spread over around 103.92 hectares of land.

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