Adani & JSW arms, TVS keen to buy warehouse company Renaissance Indus Infra
Adani Logistics, Sajjan Jindal-owned JSW Jaigarh Port, TVS Group, and Welspun Group have shown interest in bidding for Renaissance Indus Infra, a warehouse and industrial park developer undergoing insolvency process, said people aware of the development.
Two special-purpose vehicles floated by promoter Mayur Suchak's Renaissance Group are undergoing insolvency.
These are Renaissance Indus Infra which is involved in warehousing and industrial development in or around Bhiwandi, Mumbai and Renaissance Urban Infra which is engaged in the business of infrastructure developments and creation of industrial smart cities.
IIFL Facilities Services; Authum Investment and Infrastructure, which recently acquired assets of Reliance Home Finance and Reliance Commercial Finance; and JC Flowers Asset Reconstruction Company, which acquired Yes Bank's ₹48,000 crore distressed assets portfolio, also submitted expressions of interest (EoI), said one of the persons cited above.
Clearwater Capital Partners Singapore Fund and Catalyst Trusteeship are the only two creditors for the Renaissance Group's SPVs admitted for corporate insolvency. Ares SSG Capital is the sole bondholder for which Catalyst is the debenture trustee.
The lenders are working on group resolution although both cases were admitted separately by the National Company Law Tribunal.
