With a deadline set to lapse at midnight, the bidding process for the Srei Group NBFCs—Srei Infrastructure Finance Ltd. and Srei Equipment Finance Ltd.—seems to have at least three contenders in the race.
The National Asset Reconstruction Co. has submitted its bid for the NBFCs, and two other investors are in the process of filing them, according to a person familiar with the matter, who spoke on the condition of anonymity.
One is a consortium of Varde Partners and Arena Investors, while the other is Authum Investment and Infrastructure Ltd., the person quoted above said. While ArcelorMittal Nippon Steel India Ltd. was granted a last-minute entry into the bidding process, it is unlikely to submit a final bid, this person said.
The insolvency proceedings against the Srei Group NBFCs were initiated in October last year, under orders from the Reserve Bank of India.
Financial creditors have claims worth Rs 10,727.5 crore against Srei Infrastructure Finance and Rs 31,867.8 crore against Srei Equipment Finance.