Latest News | R-Naval Receives 3 Bids

New Delhi, Aug 17 (PTI) APM Terminal and Navin Jindal Group are among three firms that have submitted final bids for R-Naval, banking sources said.

A consortium of GMS, Dubai and Turkeys' Besiktas Shipyard was the third bid submitted at the close of bidding last week, they said.

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The Committee of Creditors (COC) will be meeting this week for an evaluation of these bids.

Earlier 12 companies had expressed interest in acquiring R-Naval, but finally, out of those 12 who had submitted EOIs, only three companies have submitted the final bids.

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R-Naval has a debt of Rs 11,000 crore and the banks have already provided for 100 per cent of the debt, for the last 8 years.

The entire debt of R-Naval is being transferred to the National Asset Reconstruction Company (NARCL).

The resolution of R-Naval debt will take place through NARCL AMC, they said.

IDBI is the lead Banker of R-Naval.

The 12 applicants who had submitted EOIs were APM Terminals, United Shipbuilding Corporation (Russia), Hazel Mercantile Ltd, Chowgule Group, Interups (USA), Next Orbit Ventures, ARCIL, IARC, JM ARC, CFM ARC, Invent ARC and Phoenix ARC.

United Shipbuilding of Russia, who was one of the keen contenders till the EOI process, backed out of the final bidding process because the company management believed that the pipeline of new defence naval business was not clear, sources said. PTI

(The above story is verified and authored by Press Trust of India (PTI) staff. PTI, India’s premier news agency, employs more than 400 journalists and 500 stringers to cover almost every district and small town in India.. The views appearing in the above post do not reflect the opinions of LatestLY)