This company of Anil Ambani was sold, this industrialist made the biggest bid in the auction!
Last month, after the Committee of Creditors (COC) sought higher offers from the companies participating in the auction process, Hazel Mercantile revised its bid for the shipyard to Rs 2700 crore, earlier it had 2,400 crore was offered.
Sunil Shukla 
The debt-ridden Anil Ambani's company Reliance Naval and Engineering Limited (RNEL) is now going to be named after Mumbai's industrialist Nikhil V. Merchant. In the auction process, these industrialists went ahead in the race to acquire the highest bidder. RNEL was originally known asPipavav Shipyard.
Sources have told Business Today that Hazel Mercantile Pvt Ltd, a consortium backed by Nikhil Merchant and his partners, made the highest bid during the third round, which is much higher than the rest.
12,429 crore debt on RNEL The
Committee of Creditors (COC) had sought higher offers last month after talking to the companies participating in this auction process, after which Hazel Mercantile revised its bid for the shipyard to 2700 crores. Rs., earlier it had offered Rs. 2,400 crore.
IDBI Bank (IDBI) is the lead banker of Reliance Naval. The shipyard was taken to the National Company Law Tribunal (NCLT) in January last year to recover the outstanding loan. Reliance Naval and Engineering has a debt of about Rs 12,429 crore.
RNEL owes Rs 1,965 crore to State Bank of India among the 10 big borrowers, while Union Bank of India owes about Rs 1,555 crore.
Three companies had bid
In fact, three bids were received for this company of Anil Ambani, one of which was a Dubai-based NRI-backed company, which offered only Rs 100 crore. At the same time, the second bid of Rs 400 crore was made by the company of industrialist Naveen Jindal.
Significantly, RNEL was earlier named Reliance Defense and Engineering Limited. Anil Ambani's Reliance Group acquired Pipavav Defense and Offshore Engineering Limited in 2015. Later its namewas changed to Reliance Naval and Engineering Limited (RNEL).
