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| Updated on September 28, 2011 Published on September 28, 2011

Pipavav Shipyard Ltd has informed BSE that:

1. Pipavav Defence and Offshore Engineering Company Limited (formerly known as Pipavav Shipyard Limited) ("the Company"), SKIL Infrastructure Limited, and Airbus Industry, France, have signed a Memorandum of Understanding (MOU) to develop state-of-the-art M.R.O. (Maintenance, Repair and Overhaul) facilities and associated infrastructure in India.

2. This will be a one of its kind joint venture being set up in India with equity participation from EADS, France which is the global leader in defence and aerospace.

3. EADS will pick up 26% equity in the project and may further increase it to 49%.

4. EADS, with revenue upwards of USD 30 Billion, is the global leader in defence and aerospace equipment and a valuable partner for the joint venture.

5. The 1st phase MRO facilities and associated infrastructure are likely to cost USD 100 Millions.

6. The Company will be holding 51% stake in the JV Company.

7. The MRO facilities and associated infrastructure will be used for civilian and military applications.

Source : BSE - >www.bseindia.com

Published on September 28, 2011
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