NARCL emerges as the highest bidder for SREI

06 Jan 2023 CW Team

National Asset Reconstruction Company (NARCL) emerged as the highest bidder in the auction for two finance companies - SREI Infrastructure Finance and SREI Equipment Finance – which began on Tuesday. NARCL's bid was the highest with a Net Present Value (NPV) of Rs 55.55 billion.

NARCL's bid reportedly includes upfront cash of Rs 30 billion and issuance of optionally convertible bonds worth Rs 60 billion.

Three bidders - Varde Partners and Arena consortium, NARCL and Authum Investment and Infrastructure – were in the fray in the auction which was held on an electronic platform. The total value of resolution plans submitted by the applicants involves upfront cash payout and deferred payments by way of instruments like debentures. A timeline to clear the dues ranges between 3-7 years.

Now lenders will look into the final resolution plan and conditions therein. COC is likely to meet on January 7, 2023, sources said.

NARCL, where public sector banks hold a majority stake, has made it clear that it will not be able to offer government-backed guarantees.

In October 2021, the Reserve Bank of India (RBI) superseded the boards of SREI Infrastructure Finance and SREI Equipment Finance for insolvency proceedings due to governance concerns and payment defaults by them. It also appointed Rajneesh Sharma, ex-chief general manager, of Bank of Baroda, as the administrator of the aforesaid companies.

Financial creditors have admitted claims totalling over Rs 320 billion. Financial lenders include the State Bank of India, Punjab and Sind Bank, Axis Bank, HDFC Bank, Union Bank of India, IDBI Bank, UCO Bank, and Indian Overseas Bank.

Also Read
Rama Steel hits new high after highest-ever sales volume in Q3
UP govt signs MoUs worth Rs 185.90 bn with UAE-based companies

Equipment

12 Dec 2025

Schwing Stetter India Unveils New Innovations at Excon 2025

Schwing Stetter India unveiled more than 20 new machines at Excon 2025, marking one of its most significant showcases and introducing several India-first technologies to the construction equipment sector. The company launched the country’s first 56-metre boom pump designed and manufactured in India, the first fully electric truck mixer, the first CNG mixer variant and the first hybrid boom pump. Executives said the launch portfolio was engineered to support India’s move toward faster, greener and more vertically oriented infrastructure through advanced engineering, clean-energy solutions a..

SEPC Resolves Hindustan Copper Dispute, Wins Rs 725 Mn Order

Engineering, procurement and construction firm SEPC Ltd has recently settled a dispute with Hindustan Copper Ltd (HCL) and secured a mining infrastructure order valued at Rs 725 million from the state-owned company. SEPC informed the stock exchanges that it has executed a settlement deed with HCL, bringing closure to all inter-se claims and counterclaims arising from arbitration proceedings. As part of the settlement, SEPC will receive Rs 304.5 million as full and final payment, marking the resolution of all pending disputes between the two entities. The company also stated that Hindustan Co..

20% Ethanol Blending Cuts India’s CO2 Emissions by 73.6 Mn Tonnes

Union Road Transport and Highways Minister Nitin Gadkari recently said that India has reduced carbon dioxide emissions by 73.6 million metric tonnes due to the adoption of 20 per cent ethanol blending in petrol. He made the statement while replying to supplementary questions during the Question Hour in the Lok Sabha. Describing ethanol as a green fuel, the minister said it plays a key role in reducing pollution while also supporting higher incomes for farmers. He underlined that ethanol blending contributes both to environmental sustainability and rural economic growth. Nitin Gadkari also po..