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A P M Terminals, Navin Jindal Group among three bids for RNaval

A P M Terminals Management B V, Navin Jindal Group, and a consortium of Dubai’s GMS Inc and Turkey’s Besiktas Group have placed bids for Reliance Naval and Engineering Ltd (RNAVAL), the bankrupt shipyard earlier owned by Anil Ambani’s Reliance Group, under India’s bankruptcy law.

COC to meet later this week to evaluate the offers

The Committee of Creditors (COC) led by IDBI Bank is slated to meet later this week to evaluate the offers, multiple sources said.

A P M Terminals is the container port operating unit of Danish transport and logistics giant A P Moller-Maersk Group A/S. It runs a private port at Pipavav, which sits next to the shipyard.

GMS Inc is the world’s biggest cash buyer of ships for recycling.

RNAVAL is being sold under the Insolvency and Bankruptcy Code (IBC) to recover unpaid dues of Rs10,878 crore of financial creditors.

Operational creditors have claimed another Rs1,922 crore from the company, of which only Rs485 crore has so far been admitted.

The entire debt of R-Naval is being transferred to National Asset Reconstruction Company (NARCL).

The resolution of R-Naval debt will take place through NARCL.

Russia’s USC backed out of the process without bidding

Russia’s state-owned United Shipbuilding Corporation, one of the strong contenders, backed out of the process without placing a bid citing lack of clarity on new naval contracts, a source with knowledge of the matter said.

“In the absence of any clear visibility of business from the government, United Shipbuilding felt it didn’t make any sense to bid for R-Naval,” the source added.
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