Reliance Naval's financial woes dent export revenue of Bharat Electronics

Anil Ambani-led Reliance Infra had acquired controlling stake in Pipavav Defence and Offshore Engineering for around Rs 21 billion in March 2015

The financial woes of Reliance Naval and Engineering, after its acquisition of Pipavav Defence and Offshore Engineering, has not only spelt trouble for lenders but even a few public sector suppliers, which have been badly hit by the development.
 
According to sources, around $30 million worth of Bharat Electronics Ltd’s (BEL’s) order was stuck as the private sector defence company was not able to honour its commitment to take the supply, despite placing orders.
 
“Around $30 million worth of order was not picked up during the last financial year, as Reliance Naval was not able to honour its