Nikhil Merchant’s Hazel Mercantile and Swan Energy have won the bid for Reliance Naval & Engineering, outbidding Jindal Steel and Global Marketing System. The company has offered Rs 2,043 crore under its resolution plan as against the admitted claims of Rs 12,883 crore.
Nikhil Merchant’s Hazel Mercantile and Swan Energy have won the bid for Reliance Naval & Engineering, outbidding Jindal Steel and Global Marketing System. The company has offered Rs 2,043 crore under its resolution plan as against the admitted claims of Rs 12,883 crore.
According to an exchange filing, the Ahmedabad bench of the National Company Law Tribunal (NCLT) approved the plan, which was cleared by the committee of creditors. Reliance Naval is part of the Anil Ambani group.
After the company was admitted to insolvency, Reliance Infra — another group company — had submitted its resolution plan. The group took over Pipavav Defence & Offshore Engineering in 2015 and later renamed it as Reliance Naval & Engineering (RNEL). The company was created to undertake defence projects.
In 2020, the Navy cancelled its contract with Reliance Naval owing to the delay in delivery of the vessels.
