Vedanta, Adani, others vie for Srei's 2 NBFCs - Times of India

Vedanta, Adani, others vie for Srei’s 2 NBFCs – Times of India


KOLKATA: A London-based private equity firm, along with Vedanta, Adani Group and Makara Capital of Singapore, are believed to be in the fray to acquire two Srei Group non-banking finance companies (NBFCs). These are Srei Infrastructure Finance (SIFL) and Srei Equipment (SEFL). Sources close to the development said that 17 entities have submitted expressions of interest (EoIs) to acquire the debt-laden SREI duo under consolidated corporate insolvency resolution processes. The last date for submission of EoIs was March 12.
The sources also indicated that the Anil Agarwal-led Vedanta has filed an EoI directly, while the Adani Group may have filed EoI through some NBFC entity. It is also learnt that along with Makara Capital, asset reconstruction companies like JM Financial Asset Reconstruction Co and Asset Reconstruction Company (India), or ARCIL, have also submitted EoIs.
People involved in the process believe that the number of EoIs may go up as some are expected to come through courier services.
The administrator of Srei companies, Rajneesh Sharma, could not be contacted be comments. Sharma, the former chief general manager of Bank of Baroda, took charge of the two Srei companies after the Reserve Bank of India (RBI) came down heavily on them over corporate governance issues and superseded the boards of directors in October last year. The insolvency proceedings against the two NBFCs commenced from October last year following the insolvency petitions, filed by the RBI, had been approved by the Kolkata bench of the National Company Law Tribunal (NCLT).
The central bank had filed the insolvency petitions just after the Bombay high court dismissed a petition filed by two promoters of Srei Group challenging the RBI’s decision to supersede the boards of these companies and initiate insolvency proceedings against them.


Source link

Leave a Comment

Your email address will not be published.