on Aug 18, 2021)Mumbai: Three companies including APM Terminals, a unit of Danish transport and logistics giant AP Moller-Maersk Group, have submitted final bids for the debt-laden Reliance Naval and Engineering, once owned by former billionaire Anil Ambani.
The other two parties that submitted final bids for Reliance Naval are Jindal Steel & Power, and a grouping comprising Turkey’s Besiktas Shipyard and Dubai’s GMS. Though 12 companies showed interest, only three submitted final bids. The deadline to submit the final bids was August 15.
Reliance Naval has a debt of Rs 11,000 crore and its lenders have transferred the entire debt to the National Asset Reconstruction Company, a newly incorporated entity by public sector banks to manage and recover dud assets.
For APM Terminals, Reliance Naval will add to its India portfolio and will bring positive effects with its Gujarat Pipavav Port operations. APM owns 44% in the listed Gujarat Pipavav Port, whose facility is adjacent to Reliance Naval’s shipyard on the Gujarat water margin.
