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Anil Ambani-backed Reliance Infrastructure has issued an arbitration notice against Pipavav Defence & Engineering founder promoters Nikhil and Bhavesh Gandhi.
The arbitration notice is for indemnity claims aggregating Rs. 5,440.38 crore.
"Notice has been issued for breach of warranties under purchase agreement by the founder promoters for the acquisition of Pipavav Defence share," RInfra said in a statement.
In March 2015, Anil Ambani-led Reliance Infrastructure had announced the acquisition of a controlling stake in Pipavav Defence and Engineering for up to Rs 2,082.3 crore.
Pipavav Defence and Engineering was renamed as Reliance Naval and Engineering after the acquisition.
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