|₹6.95 / ₹2.5|
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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.