Sweden: Saab Invests $ 37.4 Mln in Pipavav Defence Shipyard

Defence and security company Saab has signed a deal with Pipavav Offshore and Defence Engineering Ltd (Pipavav Defence Shipyard), India, about an investment in the company of MSEK 250 (approx $37.4). The investment is made in shares which will be issued through a directed share issue, which is dependent on approval from an extraordinary General Meeting held by Pipavav in the fourth quarter 2012.

After the investment, Saab will hold approximately 3.5 per cent of the capital and votes in Pipavav.

Pipavav is today one of the strongest private players in the naval domain in India and has the ambition to grow also in other areas of defence. The co-operation offers a strong partnership for Saab and a good platform from which to grow on the Indian market.

The two companies earlier jointly formed the Combat System Engineering group, which analyses naval combat system design and architecture. The companies are also exploring next generation combat management systems for the Indian Navy and Coast Guard.

Saab serves the global market with world-leading products, services and solutions ranging from military defence to civil security. Saab has operations and employees on all continents and constantly develops, adopts and improves new technology to meet customers’ changing needs.

[mappress]

Press Release, November 02, 2012; Image: saabgroup