Pipavav Defence to buy 51 % stake in ship design services firm
13 August 2011
Pipavav Defence and Offshore Engineering Company today said that it plans to buy a 51-per cent stake in Conceptia Software Technologies, a ship-design engineering andconsulting firm partly by acquiring shares from existing shareholders and partly by subscribing to new shares to be issued by Conceptia, without disclosing financial details of the transaction.
It also said it had signed a protocol with a company controlled by the Russian ministry of defence for a potential contract worth about $2 billion.
Over the past seven years, Conceptia has been outsourcing services for ship design and design automation markets using a wide range of tools from leading CAD vendors like AVEVA, Solid Works, AutoDesk, and IBM-Catia.
Headquartered in Bengaluru with offices in Delhi, Cochin and United Arab Emirates, Conceptia also has a subsidiary in Singapore for marketing its services and products in Asia Pacific region.
In addition it has substantial expertise in preparation of detailed designs and 3D modeling for offshore oil and gas projects.
Pipavav Defence and Offshore said, "The acquisition will bring synergy and integration which will enhance the growth of both the companies in the defence and offshore oil & gas sector."
It said it plans to convert its existing wet basin into a dry dock facility to enhance manufacturing facilities for the defence sector.