Kolkata, Jan 4 (PTI) The government-backed National Asset Reconstruction Company has taken lead in taking over two stressed entities of the Srei group as it submitted the “highest net present value bid of Rs 5,555 crore” among bidders, an official said on Wednesday.
NARCL’s net present value bid, submitted in the 10-hour-long “challenge mechanism” conducted by the committee of creditors (CoC) on Tuesday, constitutes Rs 3,200 crore in cash, a Rs 1000-crore jump from the previous plans offered, he said.
Although NARCL has a “clear advantage” for taking control of Srei Infrastructure Finance and Srei Equipment Finance, Authum Investment and Infrastructure, another bidder in the insolvency resolution process for the two stressed assets, “is not out of the game even though it was behind marginally in the final and fifth financial challenge bidding round due to terms and conditions and legal compliance”, the official said.
