Lowest offer for debt-laden Reliance Naval at 3% of total dues

Lenders, staring at huge haircut, seek legal opinion

Lenders to debt-laden Reliance Naval and Engineering (RNaval), which owns and operates a shipyard off the South Gujarat coast, have received bids as low as 3 per cent of the total dues of Rs 12,428 crore.

The company was sent for debt resolution under the Insolvency and Bankruptcy Code in January last year after it defaulted on its loans.
 
While the Naveen Jindal group has put in a bid of just Rs 350 crore, a last-minute offer from Hazel Mercantile, part of the Veritas group, has offered Rs 800 crore for the former Anil Ambani group company.