With a deadline set to lapse at midnight, the bidding course of for the Srei Group NBFCs—Srei Infrastructure Finance Ltd. and Srei Tools Finance Ltd.—appears to have at the least three contenders within the race.
The Nationwide Asset Reconstruction Co. has submitted its bid for the NBFCs, and two different traders are within the means of submitting them, in response to an individual aware of the matter, who spoke on the situation of anonymity.
One is a consortium of Varde Companions and Area Traders, whereas the opposite is Authum Funding and Infrastructure Ltd., the particular person quoted above mentioned. Whereas ArcelorMittal Nippon Metal India Ltd. was granted a last-minute entry into the bidding course of, it’s unlikely to submit a remaining bid, this particular person mentioned.
The insolvency proceedings towards the Srei Group NBFCs have been initiated in October final yr, underneath orders from the Reserve Financial institution of India.
Monetary collectors have claims price Rs 10,727.5 crore towards Srei Infrastructure Finance and Rs 31,867.8 crore towards Srei Tools Finance.