USC not walked out of RNEL bidding

USC not walked out of RNEL bidding

Thu, 11/05/2020 - 14:53
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Russian Embassy Statement

In connection with the incorrect information published on on October 8, 2020 (, stated that the Russian company United Shipbuilding Corporation (USC) allegedly decided to exit the bidding procedure for purchasing the Reliance Naval and Engineering Ltd. (RNEL)’s Shipyard, we would like to clarify – the USC have never officially indicated its refusal to participate in the tender.

At the moment, the USC passed the accreditation procedure which had provided access to electronic account with financial and economic documents related to the Indian company, and is currently conducting the Due Diligence of the RNEL’s condition and assessing parameters of the possible investments.

Due to severe epidemiological situation in the world, connected with the COVID-19 pandemic, the Russian company have faced some difficulties in carrying out a comprehensive analysis of the Indian asset, which presume direct interaction between the experts from both sides. The USC is expected to finalize its stance on further participation in the bidding procedure after completing the remote study of the documents provided by the debtor's trustee and the field review of the RNEL’s assets by the USC’s specialists.