GIC may buy stake in Indian defence contractor

[makapaaa]

[h=2]GIC may buy stake in Indian defence contractor[/h]

June 21st, 2012 |

Author: Online Press

(21 Jun) – Government of Singapore Investment Corporation(GIC), Singapore’s sovereign fund, is said to be in talks to buy 2.5% in Nikhil Gandhi-promoted Pipavav Defence. Pipavav officials confirmed the company is in talks with GIC to sell the stake. At Tuesday’s closing price of Rs 83.35, GIC will pay about Rs 143 crore for the 2.5% stake in the company.
Pipavav Defence, formerly Pipavav Shipyard, had in May sought shareholders’ nod to raise up to $200 million (about Rs 1,100 crore) to finance its growth plans for the defence sector. GIC’s plan to buy the stake comes on the heels of the company receiving an approval from the defence ministry to partner the country’s biggest defence shipyard, Mazagon Dock, to jointly build vessels for the Indian navy.
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[Source]: http://economictimes.indiatimes.com...end-to-naroda-strike/articleshow/14309127.cms

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[no_faith]

soon after GIC bought the shares, India govt will lead investigation or change their regulations.

 

[Papsmearer]

[h=2]GIC may buy stake in Indian defence contractor[/h]

June 21st, 2012 |

Author: Online Press

(21 Jun) – Government of Singapore Investment Corporation(GIC), Singapore’s sovereign fund, is said to be in talks to buy 2.5% in Nikhil Gandhi-promoted Pipavav Defence. Pipavav officials confirmed the company is in talks with GIC to sell the stake. At Tuesday’s closing price of Rs 83.35, GIC will pay about Rs 143 crore for the 2.5% stake in the company.
Pipavav Defence, formerly Pipavav Shipyard, had in May sought shareholders’ nod to raise up to $200 million (about Rs 1,100 crore) to finance its growth plans for the defence sector. GIC’s plan to buy the stake comes on the heels of the company receiving an approval from the defence ministry to partner the country’s biggest defence shipyard, Mazagon Dock, to jointly build vessels for the Indian navy.
.
[Source]: http://economictimes.indiatimes.com...end-to-naroda-strike/articleshow/14309127.cms

Rate this

I don't get this, Why would GIC partner with some company like Mazagon Dock to build vessels for the Indian Navy. Is not the logical choice ST Engineering? Should'nt ST be the partner instead of GIC? What does GIC know about defence contracting. All their portfolio is in mostly financial companies. Coupled with the fact the indian defence industry is one of the most corrupt in the world, I smell a big rat.

 

[Froggy]

So daring, the Singapore Brand already kenna embroiled in corruption in India now still want to throw some more money into keling land. Singaporeans so really daft for electing PAP.

 

[Papsmearer]

Singapore armament firm ST Kinetics, which produces military weapons such as the howitzer (above), has been blacklisted by India.
AFP, AsiaOne
Tuesday, Mar 06, 2012
NEW DELHI - India on Monday blacklisted six armament firms for 10 years for their alleged role in a 2009 weapons bribery scandal, a government statement said.

The firms targeted by the defence ministry included Singapore Technologies (ST) Kinetics Ltd, Switzerland's Rheinmetall Air Defence, Israeli Military Industries Ltd and Russia’s Corporation Defence (CDR), the statement said.

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"The firms were recommended for blacklisting by the Central Bureau of Investigation on the basis of evidence collected against them," the statement by the defence ministry said.

The two other companies blacklisted were both Indian firms - RK Machine Tools Ltd and TS Kisan and Co Private Ltd, the statement faxed to AFP said.

No comment was immediately available from the companies named in the statement, which said those blacklisted cannot do business with the Ministry of Defence "for a period of 10 years".

India froze deals worth US$1.5 billion (S$1.88 billion) in 2009 with seven companies after police arrested a top defence ministry bureaucrat on charges he allegedly accepted bribes from the firms.

The firms were issued notices to show why action should not be taken against them in relation to the bribery case, the statement said.

"The decision to debar (the companies) was taken today after taking into consideration their replies," the statement said.

The ban prevents ST Kinetics from closing billion-dollar contracts to supply ultralight and towed howitzers to the Indian Army.

Singapore's Pegasus ultralight howitzer was widely regarded as the deal clincher for ST Kinetics until the corruption scandal broke.

The Pegasus is a lightweight 155mm 39-calibre howitzer with self-propelled capabilities. It is also transportable by aircraft.

The Straits Times said India was planning to buy 145 pieces of 155mm ultralight howitzers, as well as shopping for another 400 pieces of towed 52-calibre guns, with another 1,180 pieces to be assembled in India under licence.

Indian defence procurement has traditionally been an opaque business, marred by postponements, and repeated re-negotiations over cost and scandals.

An artillery bribery scandal in 1986 involving then Swedish firm Bofors AB led to the downfall of the government of then prime minister Rajiv Gandhi.

The nuclear-armed South Asian giant is one of the world's biggest military spenders, purchasing weapons worth tens of billions of dollars to modernize its million-plus army, which is the world's fourth-largest.

 

[Papsmearer]

So daring, the Singapore Brand already kenna embroiled in corruption in India now still want to throw some more money into keling land. Singaporeans so really daft for electing PAP.

This shows how corrupt the PAP is. ST Kenna caught for bribing an Indian general over the Pegasus arty deal, and got banned from India, now try backdoor approach by saying GIC is the one that is partnering with indian company to build ships for the indian navy. I wonder how much money ST bribe SAF to buy their shit weapons?

 

[makapaaa]

This shows how corrupt the PAP is. ST Kenna caught for bribing an Indian general over the Pegasus arty deal, and got banned from India, now try backdoor approach by saying GIC is the one that is partnering with indian company to build ships for the indian navy. I wonder how much money ST bribe SAF to buy their shit weapons?

Bingo! The FAP and their stooges can go all out to salvage their pride, even if it means losing more of SGs' blood and coffin money. And Foreigners are only too eager to lock in on such 'income opportunities'.

 

[Papsmearer]

Bingo! The FAP and their stooges can go all out to salvage their pride, even if it means losing more of SGs' blood and coffin money. And Foreigners are only too eager to lock in on such 'income opportunities'.

Con You forgot that the way a GLC like ST do business overseas is a direct reflection on Singapore. How can Con you continue to tell the world that singapore is corruption free when a closely linked GLC bribes people left right and centre to get contracts? So its ok to bribe some indian in India, but not ok to bribe sinkie in singapore? Not the first time either. The big question to be asked is if ST is so comfortable bribing an Indian official, did they get a lot of practice bribing singapore officials?

 

[Kinana]

This shows how corrupt the PAP is. ST Kenna caught for bribing an Indian general over the Pegasus arty deal, and got banned from India, now try backdoor approach by saying GIC is the one that is partnering with indian company to build ships for the indian navy. I wonder how much money ST bribe SAF to buy their shit weapons?

There was no evidence of any corruption at all. Its a trick by the Indian defence ministry to get all the blueprints of Pagasus and try to manufacture it themselves. They did the same thing to other arms suppliers too. The corruption is on their end, not ST

 

[Papsmearer]

There was no evidence of any corruption at all. Its a trick by the Indian defence ministry to get all the blueprints of Pagasus and try to manufacture it themselves. They did the same thing to other arms suppliers too. The corruption is on their end, not ST

U are so full of shit. The Indian defense industry could not build a jamban much less a Pegasus system. If they even tried that, no one else will sell them anything. All their projects are years behind schedule and overbudget. U can give them the blueprint for free, and 10 years later, I doubt if they would have even one copy build.

 

[halsey02]

Minimum amount in CPF will be $600,000 and withdrawal age from 100, whomever is earlier!

 

[Froggy]

If a Singapore company is involve in corruption oversea, can CPIB investigate and press charges against this local company?

 

[Rogue Trader]

Is it ethical for a sovereign wealth fund to invest in foreign military projects?

I wonder what Pakistan or China would think about this.

 

[Papsmearer]

Is it ethical for a sovereign wealth fund to invest in foreign military projects?

I wonder what Pakistan or China would think about this.

Good question. Well, went the deal for Pegasus guns was almost finalized, the Chinese did not criticize singapore. They only seem to think Taiwan is the no go for weapons sales. Neither did I hear any protest from Pakistan. In fact, everyone knows that ST and the SIngapore govt. are one and the same.

 

[Papsmearer]

If a Singapore company is involve in corruption oversea, can CPIB investigate and press charges against this local company?

Yes, they are supposed to. But this is Leeapore.

 

[scroobal]

Nope. Only US has this law for quite sometime and for UK, it was recently introduced. The French and the Germans have a history of offering bribes on the belief that they are disadvantaged because of language and their govt haveen been tacitly supporting this nonsense.

Singapore's excuse is that it is a small country, no natural resources and therefore need to survive. In the past our quality and valued add angle helped. Not anymore. It started with the casino.

Singapore favourite route is to arrange for medical and school needs for immediate family members. So it appears as humanitarian.

If a Singapore company is involve in corruption oversea, can CPIB investigate and press charges against this local company?

 

[GoldenDragon]

If a Singapore company is involve in corruption oversea, can CPIB investigate and press charges against this local company?

I think the law was amended recently. Should be able to now.

 

[Cestbon]

I don't get this, Why would GIC partner with some company like Mazagon Dock to build vessels for the Indian Navy. Is not the logical choice ST Engineering? Should'nt ST be the partner instead of GIC? What does GIC know about defence contracting. All their portfolio is in mostly financial companies. Coupled with the fact the indian defence industry is one of the most corrupt in the world, I smell a big rat.

So many ship yard in SG. Just partner with them to built Navy ship.

 

[zeddy]

GIC’s plan to buy the stake comes on the heels of the company receiving an approval from the defence ministry to partner the country’s biggest defence shipyard, Mazagon Dock, to jointly build vessels for the Indian navy.

Names of the new Indian navy Vessels

INS Ah Neh

INS Chappati

INS Thosai

INS Pundek

INS Kunji

INS Toddy

INS Tekka

INS S.R Nathan

 

[Papsmearer]

I think the law was amended recently. Should be able to now.

In the underage prostitute case, the law applies even if you visited an underage pros overseas, and not in singapore. Corruption laws should apply to all simgapore entities whether it was carried out in singapore or overseas.