Reliance Naval gets five EoIs from investors, deadline ends Saturday

The resolution process of Reliance Naval and Engineering received five expressions of interest (EoIs) from investors as the last date for submitting EoIs closed on Saturday.

The firm, earlier owned by Anil Ambani, was sent for debt resolution by Indian lenders in January this year. “The response was not as per our expectations and hence, the committee of creditors (CoC) will soon take a call whether to extend the last date of submission of EoIs by another month,” said a banking source. 

The US-based fund, Interups, has submitted the EoI,  apart from Arcil, APM of   Denmark, United Shipbuilding Corp of Russia, and Next Orbit Ventures, the source close to the development said. One of the bidder said they will protest in the NCLT against banks seeking EoIs for the second time.

In its application, Interups has claimed that it $10.8 billion in assets under management and active participation, and has enough liquid and proven resources to bid and participate in the acquisition and resolution of Reliance Naval & Engineering. 

The firm plans to invest through the foreign portfolio investor and AIF route in Reliance Naval. Interups is also in the race for Lavasa Corporation, Asian Colour Coated Ispat and Air India.