Anil Ambani-led Reliance Infrastructure has acquired nearly 35% in Pipavav Defence and Offshore Engineering Co, which has been renamed as Reliance Defence and Engineering. The company’s debt to the tune of Rs 6,000 Cr will be refinanced with a maturity of 20 years while interest cost on the debt would be reduced to 11%.

Reliance Defence receives RBI approval to exit the corporate debt restructuring package

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