Pipavav Barricade and Seaward Application Co Ltd denied it was setting up to barter pole to Mahindra and Mahindra, as claimed in a media dispatch on Weekday.
“Current are no negotiations/agreements which the presence has entered into which desires declaration below section heading 36 of the record covenant,” Pipavav alleged in a narrow averral.
Citing nameless sources, a vocation tabloid had held Mahindra was to secure into Pipavav through a three-phase investiture arrangement. It described Mahindra compensable ?3,000 crore as allotment of the pre-eminent moment, in the service of purchasing 19% palisade in Pipavav from promoters.
Pipavav’s chairwoman Nikhil Statesman and his junior kin and MD Bhavesh Statesman as one own 45% palisade in the friends.
The newsprint had sooner aforesaid that Pipavav was in convention with digit archaeologist constructor Notable Organization and Sculpturer builder DCNS to procure a best part paling, whispered Reuters.
The Amerindic protection facet is genesis to research, with the administration passionate to diminish shield imports and create domestically, in stroke with Leading Narendra Modi’s ‘Assemble in Bharat’ plan, throwing up giant vocation opportunities.
Pipavav shares blocked at ?66.75 on Weekday, up ?2.65, or 4.13%, afterward striking an intraday tall of ?74.50.