Debt

Debt financing

Hazel-Swan consortium wins race for Reliance Naval

Economic Times  

A joint bid by the Hazel Mercantile-Swan Energy combine for the Anil Ambani-promoted Reliance Naval & Engineering secured in its favour votes from about 95% of the lenders by value in a bankruptcy resolution process. Naveen Jindal-promoted Jindal Steel and Power (JSPL) was also in the fray for the debt-laden shipbuilding company. Hazel received the highest percentage of votes even as Reliance Infrastructure (RInfra), another Anil Ambani company, made an attempt to regain control of Reliance Naval by submitting a resolution plan that was reportedly better than those offered by the two other bidders. The RP will now need to submit the Hazel Mercantile-Swan Energy plan before NCLT for its approval.