Reliance Infra on Wednesday has announced the acquisition of Pipavav Defence and Offshore Engineering for Rs 2,082 crore.

Reliance Infra has agreed to purchase 18 percent stake from the promoters of Pipavav Defence and Offshore Engineering (PDOE) at Rs.63 per share and make an open offer for additional 26 percent at Rs.66 per share.

And if the open offer is successful, the Reliance Group will have to allocate Rs 1,263 crore for a 26% stake, taking the total acquisition cost to Rs 2,082 crore.

After completion of the acquisition Mr. Anil Ambani will become the Chairman of the company. The existing promoters of Pipavav Defence will continue to retain a minority stake in the company, together with two non-executive board seats.

And the company will be renamed as Reliance Defence Limited.