Saab signs deal regarding investment in Pipavav

Defence and security company Saab has signed a deal with Pipavav Offshore and Defence Engineering in India regarding an MSEK250 (£23m) investment in the company.

The investment will be made through new shares issued to Saab. Finalisation of the investment is expected to be made within three months, under the condition it meets the necessary approval of the shareholders meeting of Pipavav and government approvals.

Following the investment, Saab will hold approximately 3.5 per cent of the capital and votes in Pipavav.