Jindal Power in race to buy RCap, Srei in bid to enter financial services

Naveen Jindal-owned Jindal Power has joined the race to acquire Reliance Capital and Srei Infrastructure assets in its bid to diversify into financial services business.

Both Reliance Capital and Srei Infrastructure are undergoing a debt resolution process under the Insolvency and Bankruptcy Code, 2016 after both companies defaulted on bank loans.

Jindal Power was hived off from its listed parent, Jindal Steel and Power last year to the promoter family and has been bidding for various bankrupt entities since. Apart from the non-banking companies, Jindal Power had made a bid for Reliance Naval and Engineering, a Gujarat-based shipyard, but lost