How and why Anil Ambani bought into the Pipavav fire sale
Ambani’s Reliance Group pipped other suitors by putting immediate cash on the table along with an open offer to follow
Mumbai: It was early in the New Year and Nikhil Gandhi was near the point of desperation. The founder-chairman of Pipavav Defence and Offshore Engineering Co. Ltd, India’s largest defence shipyard with a licence to make warships, was running out of time. Since September 2014, he had been under pressure from his company’s creditors to do something about its ₹ 7,000 crore debt.