NARCL receives four bids for debt takeover of Sion Panvel Tollways in Mumbai
bad loan aggregator, National Asset Reconstruction Co (NARCL), has received four expressions of interest in response to its call for a second round of bidding to take over the debt of Sion Panvel Tollways, people familiar with the matter said.
The second round for the project that links Mumbai with its southeastern suburbs and Pune was called in May after the earlier three bids were rejected by NARCL due to their low value.
This is the first move by NARCL to recover bad debt since it started operations in January 2022.
It has so far acquired 18 stressed accounts with an aggregate debt of Rs 92,510 crore until FY24 end.
Bidders have time until July 18 to submit new plans to take over the company. BoB Capital Markets is advising creditors on the sale of the debt.
“NARCL had scrapped the earlier process as all the three bids received before were conditional on National Highway Authority of India (NHAI) extending the toll period and also included a substantial amount of deferred payment. It is expected that the fresh bids will give more value,” said a person familiar with the process.
NARCL did not reply to an email seeking comment.
Three bidders — Kalyan Toll Infrastructure Ltd, MP based Prakash Asphaltings & Toll Highways and a consortium of Anuj Goyal, Mudraksh Investfin Pvt Ltd and cable maker BC Power Controls — had placed bids in the first round ranging from as low as Rs 13 crore to Rs 400 crore, earlier in January. This process was cancelled after the NARCl took over the debt in March.
ET could not
