NEW DELHI:: With a series of mergers and acquisitions (M&As) in the defence sector over the past few months, the go vernment is amending its military procurement rules to allow a change of name for all companies supplying to the armed forces. Officials told ET that an amendment to the Defence Procurement Policy 2013 will be formally announced shortly with the defence acquisition committee giving its approval for the change.
The name change will be allowed in case of a `merger, amalgamation, consolidation, acquisition'.
The move, to enable `change of name of vendor after submission of bids' will benefit global groups like Airbus that has consolidated its business and Indian companies like Reliance Defence that have acquired existing defence manufacturers.
Pipavav Defence and Offshore Engineering Company has been renamed as Reliance Defence and Engineering with the company receiving a certificate of change of name from the Registrar of Companies this month.
Reliance Defence has also recently got 12 new industrial licenses for defence manufacturing after a security clearance by the home ministry.