Russian firm looks to buy Anil Ambani's Reliance Naval and Engineering

Mumbai-based Mazagon Dock Ltd (MDL) is also keen to gain access to Pipavav Shipyard, though it is not participating in the IBC process

Most shipbuilding companies are backing away from purchasing Anil Ambani’s Reliance Naval and Engineering Ltd (RNaval), which is being sold to pay its debts. However, Russia’s state-owned United Shipbuilding Corporation (USC) remains interested.

Responding to a media report last month that said USC had opted out of the bidding process, the Russian Embassy in India clarified on Thursday: “USC has never officially indicated its refusal to participate in the tender.”

RNaval is under the hammer under the Insolvency and Bankruptcy Code (IBC) to recover debts that have mounted to almost Rs 10,000 crore. Besides USC, two large Indian companies — Chowgule and