Pipavav Defence denies reports of stake sale to Mahindras

The Nikhil Gandh-promoted Pipavav Defence & Offshore Engineering Co Ltd has denied it was in talks to sell a stake to Mahindra & Mahindra Ltd, after widespread reports today that the Mahindras were close to picking up a 25-30 per cent stake in the defence and general shipyard.

"There are no negotiations/agreements which the company has entered into which requires disclosure under clause 36 of the listing agreement," Pipavav said in a regulatory statement.

However, the reports were almost positive about the talks being virtually finalised.

Pipav Defence has previously also been reported to have sought an equity partner, but no substantial deal has emerged so far. (See: Mahindras set to buy up to 30% stake in Pipavav Defence)