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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 buyers are within the technique of submitting them, in keeping with an individual accustomed to 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 individual quoted above stated. Whereas ArcelorMittal Nippon Metal India Ltd. was granted a last-minute entry into the bidding course of, it’s unlikely to submit a closing bid, this individual stated.
The insolvency proceedings in opposition to the Srei Group NBFCs had 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 in opposition to Srei Infrastructure Finance and Rs 31,867.8 crore in opposition to Srei Tools Finance.
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