Mumbai: Debt-ridden Anil Ambani's company Reliance Naval and Engineering Limited (RNEL) is now set to be named after Nikhil V. Merchant, a Mumbai-based businessman. In the auction process, these industrialists have taken the race to acquire the biggest bidder. State that RNEL is commonly known as Pipavav Shipyard (Pipavav Shipyard).

Sources informed the media that Hazel mercantile Pvt ltd (Hazel Mercantile Pvt Ltd), a consortium supported by Nikhil Merchant and his partners, made the biggest bid during the third phase, much higher than the rest. The Committee of Creditors (COC) had last month held talks with companies participating in the auction process and demanded higher proposals, after which Hazel Mercantile revised its bid for the shipyard to Rs 2700 crore, earlier proposing Rs 2,400 crore.

IDBI Bank (IDBI) is the lead banker of Reliance Naval. The shipyard was taken to the National Company Law Tribunal (NCLT) in January last year to recover the outstanding loans. Reliance Naval and Engineering has a debt of about Rs 12,429 crore.

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