Reliance Group chief Anil Ambani has suffered a major setback. In fact, Nikhil Merchant’s Hazel Mercantile-Swan Energy Consortium has won the bid for Anil Ambani’s bankrupt shipyard company Reliance Naval & Engineering. With this, Anil Ambani’s efforts to save the company have failed.
Rs 2,700 crore bid: According to Business Today news, about 95 percent of the lenders have voted in favor of Nikhil Merchant’s company. Now the resolution professional of Reliance Naval will soon approach the National Company Law Tribunal (NCLT) Ahmedabad for approval of the winning bid. Let us tell you that a firm of Hazel Mercantile Limited and Swan Energy Limited has made a bid of about Rs 2,700 crore for Reliance Naval.
Let us tell you that Anil Ambani was constantly trying to save Reliance Naval. Under this, Anil Ambani’s Reliance Infra had given a resolution plan. At the same time, Nikhil Merchant’s company Hazel Mercantile had turned to torpedo, questioning its eligibility to participate in Reliance Naval’s bid.
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On Monday, the Ahmedabad bench of the NCLT heard Reliance Infra’s plea to disqualify the Hazel Mercantile Consortium from bidding. Now the court will next hear the matter on March 30.
Share Price of Reliance Naval: The share price of Reliance Naval was Rs 4.24 in Thursday’s trade, which is an increase of 1.44 percent compared to a day earlier. In the month of June last year, the share price of Reliance Naval was at a level of Rs 7.15, which is the highest level of 52 weeks.