Lenders zero in on Hazel Mercantile offer for Reliance Naval and Engg

Indian lenders have zeroed in on an offer made by Mumbai-based Hazel Mercantile for Reliance Naval and Engineering, a bankrupt shipyard based in Gujarat. Hazel has made an offer of Rs 2,500 crore for the company after lenders asked it to sweeten its earlier offer.

Reliance Naval and Engineering was sent for debt resolution in January last year under the Insolvency and Bankruptcy Code 2016 after it defaulted on Rs 12,500 crore of debt. Bankers said the second bidder, Naveen Jindal group could not match Hazel's offer and the difference between the two offers was very high,” said a banker