Money & Banking

Adani Group may bid for DHFL assets

Our Bureau Mumbai | Updated on November 21, 2019

The Adani Group, which has interests in the power sector, ports and terminals, real estate and housing finance, among others, may be a front-runner to acquire the financially stressed Dewan Housing Finance Corporation Ltd (DHFL).

The Group, whose housing finance company was incorporated in September 2017, is believed to be keen on acquiring DHFL's franchise.

A number of other NBFCs are also understood to be keen on bidding for DHFL, say sources. While media outlets named Piramal Group as a likely bidder, an official spokesperson said there are no such plans.

The bidders plan to make a play for DHFL once the Reserve Bank of India initiates the process of resolution of the company under the Insolvency and Bankruptcy Rules, 2019, the sources said.

The RBI will apply to the National Company Law Tribunal for appointing the Administrator as the Insolvency Resolution Professional (IRP). The IRP will call for expressions of interest from interested bidders.

The RBI on Wednesday superseded the the Board of Directors of DHFL owing to governance concerns and defaults by the company in meeting various payment obligations.

Published on November 21, 2019

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