Pipavav Defence, Mazagon Dock In JV

<?xml version="1.0" encoding="UTF-8"?><root available-locales="en_US," default-locale="en_US"><static-content language-id="en_US"><![CDATA[<p>Pipavav Defence and Offshore Engineering Ltd has formed an equal joint venture with state-run Mazagon Dock to build submarines and warships, the shipbuilder's Chairman Nikhil Gandhi said on Monday.<br><br>The company has invested over $1 billion to build warships, he added.<br><br>The firm, earlier known as Pipavav Shipyard, had last week announced an agreement to raise about 1.6 billion rupees by issuing convertible warrants to a clutch of investors, including billionaire investor Rakesh Jhunjhunwala.<br><br>In April this year, Pipavav got the go-ahead from the Foreign Investment Promotion Board to build warships, thus making it eligible to bid for multi-billion dollar defence contracts along with foreign partners.<br><br>The company had also signed a protocol with a company controlled by the Russian ministry of defence for a potential contract of about $2 billion.<br><br>(Reuters)</p>