Reliance Naval and Engineering lenders ask bidders to sweeten offers

The lenders are planning to close the deal within the next two weeks by voting on both revised proposals

Lenders have started negotiations with top two bidders of Reliance Naval and Engineering, asking them to sweeten their bids for the bankrupt company.
 
The two bidders — Hazel Mercantile and Naveen Jindal group — are left in the fray for the company that has defaulted to Rs 12,500 crore of bank debt.
 
“We have asked both the companies to better their bids and we have received positive feedback,” said a source close to the development. While the top bidder, Mumbai-based Hazel Mercantile, has offered Rs 2,100 crore, Jindal has proposed around Rs 400 crore to the lenders.