Ambani fails to save bankruptcy!!

Sindujaa D N

Reliance Group chief anil ambani has suffered a major setback. Nikhil Merchant's Hazel Mercantile-Swan Energy Consortium has won a bid for Anil Ambani's bankrupt shipyard company reliance Naval & Engineering. At the same time, Anil Ambani's efforts to save the company have failed.


Bid for Rs 2,700 crore

According to business Today, about 95 per cent of borrowers have voted for Nikhil Merchant's company. Now, reliance Naval's resolution professional will soon approach the National Company Law Tribunal, ahmedabad for approval of the winning bid. A company of Hazel Mercantile Limited and Swan Energy Limited has made a bid of around Rs 2,700 crore for reliance Naval.


Anil Ambani was constantly trying to save reliance Naval. Nikhil Merchant's company, Hazel Mercantile, on the other hand, had turned to Torpedo, questioning its eligibility to participate in the reliance Naval bid. The ahmedabad bench of the NCLT on monday heard a petition filed by reliance Infra seeking disqualification of Hazel Mercantile Consortium. The court will now hold the next hearing on march 30.


Reliance Naval's share price

Last Thursday, reliance Naval's share price was Rs 4.24. Which increased by 1.44 per cent a day earlier. In june last year, reliance Naval's share price was at Rs 7.15. Which is at its highest level in 52 weeks.


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