Tag: expression of interest (EoI)

Over 50 suitors submit EOIs for Reliance Capital, its group businesses, say sources

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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More than 50 suitors have submitted expression of interests (EoIs) for Reliance Capital and its group businesses, according to banking sources.

Banks, insurance companies, NBFCs, private equity players, asset reconstruction companies (ARCs) are among those who have submitted EOIs, the sources said requesting anonymity.

“Piramal Finance, Bandhan Fin Holdings, Indusind International, Yes Bank, ICICI Lombard, HDFC Ergo, Motilal Oswal Financial Services, Poonawalla Finance, Adani Finserve, ICICI Lombard, Tata AIG, Nippon Life Insurance, Zurich Insurance Group, Oaktree, Brookfield, Blackstone, KKR, TPG, Arpwood Partners, Capri Global Holdings are among the suitors,” they added.

Edelweiss Alternative, IARC, JC Flowers are among other suitors. EOIs were invited for both Reliance Capital in entirety and separately for eight clusters including insurance, wealth management, broking, real estate, ARC, and finance.

Also Read: Reliance Capital CEO Dhananjay Tiwari resigns

According to them, financial creditors have claims of Rs 30,879 crore against Reliance Capital, out of which Rs 24,067 crore has been admitted. RBI had superseded the board of Reliance Capital on November 29 due to defaults, and serious governance concerns. CNBC-TV18 is awaiting a response from the company’s Administrator Nageswar Rao.

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JSPL sets eyes on Reliance Naval; says no plans to borrow for acquisition

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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Jindal Steel (JSPL) is in focus after Business Standard reported that the company is keen on acquiring bankrupt Reliance Naval and Engineering. Additionally, Morgan Stanley believes that Indian steel producers could increase prices.

VR Sharma, Managing Director at JSPL discussed the developments and confirmed the interest.

“We have visited Reliance Naval about ten days back. We have seen the facilities, the facilities are good. We have shown our interest. We have issued our expression of interest (EoI) letter and we are interested in this deal,” he said.

“Government of India and the Ministry of Defence are working very strongly to make India Aatmanirbhar in terms of making warships. If we take over this plant, it comes to us at a price that we are looking at, this means we can sell our products, we can sell our structures to this unit,” he added.

The company is looking to do Reliance Naval deal in its individual capacity and is not planning to borrow any money from any of the banks for this deal.
“Out of accruals if we can fund it and if we can acquire it then only we will do this deal. The EoI has been given, so now we are waiting for the discussions,” he stated.

In terms of debt, he mentioned, “We have now Rs 25,000 crore of debt. We will be ending this financial year with around Rs 21,000 crore of debt and our target is by the end of 2022 financial year, we will bring it down to Rs 15,000 crore.”

For entire discussion, watch the video

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Thursday’s filing dispelled some doubts, though Musk still has work to do. He and his advisers will spend the coming days vetting potential investors for the equity portion of his offer, according to people familiar with the matter

KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow

Shipping Corporation divestment: London-based Foresight Group-led consortium submits EoI

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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London-based Foresight Group International is among multiple bidders who have submitted expression of interest (EoI) for Shipping Corporation of India (SCI).

The government is selling its entire stake of 63.75 per cent in Shipping Corporation of India, along with the transfer of management control.

Apart from the Foresight Group’s flagship company Foresight Offshore Drilling Limited S.A., the consortium includes Belgium listed shipping company, Exmar NV and Dubai-based shipping company GMS DMCC.

Founded By Ravi K Mehrotra, an Indian citizen, who continues to oversee operations as Executive Chairman, the Foresight Group has a long standing operations in India across offshore and onshore drilling. The Group has three offshore jack-up rigs operating for ONGC and one land rig operating for Oil India.

It also operates two jack-up rigs for Abu Dhabi National Oil Company in UAE and oil tankers for Exxon Mobil.

“The three international entrepreneurial shipping companies have come together with a unified belief in the India’s long-term development and growth and we intend to develop the SCI into a global formidable shipping company,” said said Mehrotra.

Foresight Group has owned and operated various categories of ships around the world including refers, tankers, bulk carriers and container ships.

In 2020, the Group also received the LoI for development of Bhavnagar Port to build the world’s first CNG terminal and chemical terminals in joint venture with Mumbai-based Padmanabh Mafatlal Group.

-With agency inputs

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KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow

BHEL invites global OEMs to use its facilities, capabilities to ‘Make in India’

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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State-run engineering firm BHEL on Monday said it has invited expression of interest from global original equipment manufacturing (OEM) firms to leverage its facilities as well as capabilities and to shift their production base to India amid the COVID-19 pandemic.

There are a large number of OEM firms who intend to shift their manufacturing base from China to other countries after the COVID-19 outbreak, said an industry expert adding that India must leverage its capabilities to facilitate those.

“In order to further promote Make in India and support international companies for setting up manufacturing in India, BHEL has floated an Expression of Interest (EOI) inviting global companies to partner with it and leverage its facilities and capabilities for setting up manufacturing base in the country,” a BHEL statement said.

According to the statement, the ongoing economic disruption across the world, due to COVID-19 has highlighted the dangers of manufacturing activities being concentrated in a single location and the need for diversification of supply chains and manufacturing.

This has thrown up a huge opportunity for India – one of the fastest growing economies of the world and an attractive investment destination which offers strong democratic governance, a well-established judicial system, a young workforce, one of the largest domestic markets and favourable investment policies, it added.

BHEL has 16 manufacturing facilities spread across the country with substantial land bank and an extensive built up industrial/ commercial and residential spaces.

Its manpower strength of about 34,000 includes 9,000 engineers with qualifications and experience in cutting-edge technologies, it said.

The company has 16 Centres of Excellence (CoEs) in varied areas such as computational fluid dynamics, intelligent machines and robotics, machine dynamics, nano technology, power electronics, ultra high voltage, advanced transmission, control and instrumentation, surface engineering, coal research, advance fabrication technology, etc and five specialised research centers – welding Research, ceramic research, electric traction, pollution control etc.

It has ongoing technology partnerships with some of the major global manufacturing and engineering companies as well as relationships with leading national laboratories and institutions.

These facilities & capabilities along with its tie ups put BHEL in a strong position to support any international company, in setting up a base in India and taking forward the vision under Make in India, the company said. PTI KKS

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KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow

Challenging time for the world; aim to cut costs upto 20%, says Vedanta’s Anil Agarwal

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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Anil Agarwal, chairman, Vedanta talking about the impact of coronavirus on global commodities and business, said, “Definitely this is a very challenging time for the world because a lot was depending on China. I think entire leadership of the world has come into the action and they are doing whatever is necessary.”

“Nothing is being held back, minute by minute they are adjusting themselves and I have a feeling that it is in hand of nature or almighty –  we have no control over that. Whatever we can control, the world will do,” he said, adding that in the process, India is in a better position. Whatever is being manufactured in India is being sold in India. We have a huge home consumption, which is a great advantage. We have got logistics and supply chain which is not much dependent on the world. So, we are little bit isolated.

“Indian people are in a good position. Out of 15 best companies in the world, 9 are run by Indians. Indian minds are good and I am sure this will give advantage to India. For coronavirus nobody has a solution, the only thing is not to panic – our Prime Minister has said not to panic and see how we can safeguard ourselves,” he added.

Speaking about how Vedanta is dealing with slowdown and the cost of production, Agarwal said, “Oil has come down almost 50 percent. Definitely a lot of companies will shut their door and some of the people who are strong can cut their cost. Out of 100 companies, 50-60 will remain, 30-40 will go away.”

“In India, we have a different position. As far as Vedanta is concerned, we have a home market and we have a cost advantage. We are looking to tighten our cost. We have a process of reducing our cost upto 20 percent whether from the mining or the logistics. As far as Vedanta is concerned, we still make 10 percent profit. We are not going to stop any of our growth projects because that will increase our production to 40-50 percent. I see India at a different position than the rest of the world,” he said.

In terms of virus impact, he further mentioned, “We are tightening our belt. We are looking to reduce our costs. For the world, I will go with what the analysts are saying but India demand will continue to be there. We used to import a lot of things from China but India has a capability and entrepreneurship – this is the time when government should support manufacturing in India. So that we can have more manufacturing units, job creation and eradicate our poverty.”

When asked for his interested list of companies, he said, “I encourage to invest in India. This is a great opportunity, Vedanta will also look at it but this is an opportunity for the world oil company to look at Bharat Petroleum Corporation Ltd (BPCL) and take the advantage of this time.”

“Vedanta will also look at Air India. For NMDC – as far as Vedanta is concerned, we will do expression of interest (EoI) if we qualify and then look at what is the benefit,” he said.

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KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow