Jindal Steel & Power keen to acquire Reliance Naval & Engineering Ltd RNEL is currently undergoing a debt resolution process in National Company Law Tribunal
Shares of Reliance Naval & Engineering Ltd (RNEL) were locked at the upper circuit on Wednesday on reports that Jindal Steel & Power (JSPL) and two others are interested to acquire the company.
On the BSE, the Reliance Naval scrip ended 4.79 per cent higher at Rs 3.06. Around 8 lakh shares were transacted on the exchange against a two-week average of 6.65 lakh shares.
A Bloomberg report said Reliance Naval can be a captive client for its ship building plates. The report added that Dubai-based shipping firm GMS and Kotak Special Situations Fund have also registered to bid for Reliance Naval. RNEL is now undergoing a debt resolution process in the National Company Law Tribunal (NCLT).
Jindal Steel, Russian team inspect Anil Ambaniâs Gujarat shipyard thatâs up for sale
Russia is eyeing the shipyard to buttress its pitch for building six new conventional submarines under Project 75 India, while Jindals see it as a captive client of its own.
Snehesh Alex Philip 4 March, 2021 2:22 pm IST Text Size:
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New Delhi: Industrialist Navin Jindalâs Jindal Steel and Power Limited and Russian government-owned United Shipbuilding Corporation have carried out an inspection of the Anil Ambani Groupâs Reliance Naval and Engineering Limitedâs (R-Naval) Gujarat-based Pipavav Shipyard for a potential buy-out, ThePrint has learnt.
According to sources, the Jindals completed inspection of the naval shipyard during the last week of February, while a five-member team of the Russian government concluded its inspection on 2 March.
Steel tycoon Jindal keen to acquire bankrupt Indian shipyard Reliance Naval & Engineering gulfnews.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from gulfnews.com Daily Mail and Mail on Sunday newspapers.
Steel Tycoon Naveen Jindal Likely To Bid for Bankrupt Reliance Naval: Report
Dubai-based shipping firm GMS and Kotak Special Situations Fund were among the others that registered to bid as of the February 28 deadline, said news reports.
A worker walks at Reliance Naval and Engineering Limited (RNEL) shipyard in Pipavav, Gujarat. Photo: Amit Dave/Reuters
Business03/Mar/2021
New Delhi: Jindal Steel & Power Ltd, Indiaâs third-largest producer of the alloy by market value, and two other groups have expressed interest in bidding for Reliance Naval & Engineering Ltd,
Bloomberg has reported, citing people familiar with the matter.
Dubai-based shipping firm GMS and Kotak Special Situations Fund were among the others that registered to bid as of the February 28 deadline, the report added, quoting the people on condition of anonymity.
(Bloomberg) Jindal Steel & Power Ltd., India’s third-largest producer of the alloy by market value, and two other groups were the latest to express interest in bidding for Reliance Naval & Engineering Ltd., according to people familiar with the matter.