Prominent players eye Renaissance Indus Infra in insolvency bidding

06 Sep 2023 CW Team

Within the Renaissance Group, two distinct special-purpose vehicles, overseen by promoter Mayur Suchak, are currently navigating insolvency challenges. The first, Renaissance Indus Infra, focuses on warehousing and industrial development in the vicinity of Bhiwandi, Mumbai, while the second, Renaissance Urban Infra, is involved in infrastructure development and the creation of industrial smart cities.

Additionally, other noteworthy contenders, such as IIFL Facilities Services, Authum Investment and Infrastructure (which recently acquired assets from Reliance Home Finance and Reliance Commercial Finance), and JC Flowers Asset Reconstruction Company (known for its acquisition of Yes Bank's distressed assets portfolio worth Rs 480 billion), have also submitted expressions of interest (EoI), as confirmed by one of the individuals mentioned earlier.

It's worth noting that Clearwater Capital Partners Singapore Fund and Catalyst Trusteeship are the sole creditors for the special-purpose vehicles within the Renaissance Group that have been admitted for corporate insolvency proceedings. Ares SSG Capital serves as the exclusive bondholder, with catalyst acting as the debenture trustee.

Despite the National Company Law Tribunal admitting both cases separately, the lenders are actively working on a group resolution plan. Birendra Kumar Agarwal is the Resolution Professional (RP) overseeing both special-purpose vehicles.

As per disclosures on the Insolvency and Bankruptcy Board of India's website, the RP has acknowledged claims amounting to Rs 10.97 billion for Renaissance Indus and Rs 11.18 billion for Renaissance Urban.

According to informed sources, several prominent entities, including Adani Logistics, the JSW Jaigarh Port owned by Sajjan Jindal, the TVS Group, and the Welspun Group, have expressed keen interest in participating in the bidding process for Renaissance Indus Infra. This company specialises in warehouse and industrial park development and is currently undergoing insolvency proceedings.Within the Renaissance Group, two distinct special-purpose vehicles, overseen by promoter Mayur Suchak, are currently navigating insolvency challenges. The first, Renaissance Indus Infra, focuses on warehousing and industrial development in the vicinity of Bhiwandi, Mumbai, while the second, Renaissance Urban Infra, is involved in infrastructure development and the creation of industrial smart cities.Additionally, other noteworthy contenders, such as IIFL Facilities Services, Authum Investment and Infrastructure (which recently acquired assets from Reliance Home Finance and Reliance Commercial Finance), and JC Flowers Asset Reconstruction Company (known for its acquisition of Yes Bank's distressed assets portfolio worth Rs 480 billion), have also submitted expressions of interest (EoI), as confirmed by one of the individuals mentioned earlier.It's worth noting that Clearwater Capital Partners Singapore Fund and Catalyst Trusteeship are the sole creditors for the special-purpose vehicles within the Renaissance Group that have been admitted for corporate insolvency proceedings. Ares SSG Capital serves as the exclusive bondholder, with catalyst acting as the debenture trustee.Despite the National Company Law Tribunal admitting both cases separately, the lenders are actively working on a group resolution plan. Birendra Kumar Agarwal is the Resolution Professional (RP) overseeing both special-purpose vehicles.As per disclosures on the Insolvency and Bankruptcy Board of India's website, the RP has acknowledged claims amounting to Rs 10.97 billion for Renaissance Indus and Rs 11.18 billion for Renaissance Urban.

Resources

04 Jun 2026

ULCCS Showcases Cooperative Model at UN Symposium

Uralungal Labour Contract Co-operative Society (ULCCS) showcased its community-led development model at the United Nations Headquarters in New York, where it participated as a panellist at the International Symposium on Cooperative Financial Institutions held on 28–29 May 2026.Jointly organised by the United Nations Department of Economic and Social Affairs (UN DESA), the International Cooperative Banking Association (ICBA), and the International Cooperative Alliance (ICA), the symposium was held under the theme ‘Fuelling Inclusive and Equitable Growth’ and brought together policymakers,..

Infrastructure Transport

04 Jun 2026

Delhi Airport to Finalise 20-Year Master Plan

Delhi International Airport Ltd (DIAL) is finalising a 20-year master plan to guide long term infrastructure and operational development at Indira Gandhi International Airport, an official said. The operator expects the plan to reflect changes in the airline industry, shifts in the competitive landscape and evolving infrastructure requirements across terminals, airside and support services. The official said the document is likely to be ready in the next two to two-and-a-half months as the operator moves through planning stages. The plan will be prepared after consultations with airport users ..

Real Estate

04 Jun 2026

Aadhar Housing Finance Targets Rs 500 bn AUM By FY29

Aadhar Housing Finance has set a target to raise its asset under management to Rs 500 billion (bn) by the end of FY29, aiming to achieve this over the next three financial years through an 18-20 per cent loan growth trajectory. The firm focuses on the low-income segment with a ticket size of less than Rs 1.5 million (mn) and has relied on that segment to drive expansion. The company closed FY26 with an AUM of Rs 305.71 bn, reflecting the expansion in recent years, and it reported a net profit rise of 22 per cent to Rs 11.08 bn. Management indicated that gross non-performing assets stood at 1.0..