A consortium of Dubai-based GMS and Besiktas Shipyard of Turkey, and two other companies have submitted their final bids for buying out Anil Ambani Group’s Reliance Naval and Engineering Limited (R-Naval), which owns the Gujarat-based Pipavav Shipyard, ThePrint has learnt.
The other two companies that have submitted bids are Gujarat-based APM Terminals and the Naveen Jindal Group, sources in the know of the proceedings under the Insolvency and Bankruptcy Code (IBC) said. The Committee of Creditors (COC) will meet this week for an evaluation of these bids, the last date for whose submission was 15 August.
United Shipbuilding Corporation (USC) of Russia, a keen contender for the shipyard till the Expression-of-Interest process, backed out during the final bidding.
Sources said this was because the company’s management believed the pipeline of new defence naval business was not clear, and also as the Modi government had cancelled a contract for six offshore patrolling vessels from R-Naval.