Investors eye Nagarjuna Oil Corporation for insolvency resolution bid

PSUs like HPCL and ONGC and foreign investors like Shell have made moves to acquire NOCL but none of them fructified

Nagarjuna Oil Corporation Ltd (NOCL) has attracted interest from at least three to four strong investors, including public sector firms and both foreign and Indian investors, as per the expression of interest (EoI) floated by the resolution professional (RP). A total of around 20 investors have bid for the resolution plan.   

According to sources, the resolution process may have to go for an extension of 90 more days beyond the 180-day deadline, which ends on January 20, as the process is yet to be completed.

The bidders' list includes public sector players and both foreign and Indian investors, said a source, who