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Hazel Mercantile is highest bidder for RNaval; lenders to hire independent consultant for talks

Business Standard   Business Line  

Mumbai-based Hazel Mercantile has emerged as the highest bidder for Reliance Naval and Engineering Ltd (RNEL) with a bid of about INR 2,100 crore – pipping Naveen Jindal group and GMS of Dubai by a huge margin. While Naveen Jindal group offered about INR 400 crore for the company, GMS offered INR 200 crore. The committee of creditors (CoC) found all three bidders legally compliant and will start negotiating to get the better offer. The CoC, led by IDBI Bank, will hire an independent consultant to start commercial negotiations with the three bidders. RNaval, the bankrupt shipyard earlier owned by Anil Ambani's Reliance Group, is being sold under the Insolvency and Bankruptcy Code to recover unpaid dues worth INR 10,878 crore for financial creditors. Hazel Mercantile is a unit of Veritas Group. GMS is the world's biggest cash buyer of ships for recycling.