Reliance Naval & Engineering Ltd (Rs.3.55) is Now in Safe Hands: NCLT Shouldn't Change its Decision..

Before starting the discussion, let us first look at a few questions, as mentioned below. Photo: Lokmat Times.

Q.1. How is Mukhesh Ambani is related to Nikhil Merchant?

Q. 2. So who exactly is #Nikhil #Vasantlal #Merchant and why he holds so much clout that senior ministers and bureaucrats speak of him as a man who can get things done?

Q. Isn't it true that Naveen Jindal, a former Member of Parliament, Lok Sabha from Kurukshetra, Haryana and is currently the Chairman of Jindal Steel and Power Limited, belongs to Indian National Congress, headed by Rahul Gandhi?

Q. Will NCLT shift to the Congress connected Navin Jindal (of JSPL) from the #Blue #Eyed boy of #Narendra #Modi (Nikhil Merchant)?

Q. Isn't it now apparent that in the deal to takeover, the debt ridden Reliance Naval and Engineering Ltd (Rs.3.65), all the four: Nikhil Merchant, Nikhil Gandhi, Mukhesh Ambani and Anil Ambani are somehow related?

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The ADA Group owned by Anil Ambani took over the Gujarat-based Pipavav Defence and Offshore Engineering Ltd in 2015 from its erstwhile owner Nikhil Gandhi and later renamed it as Reliance Naval and Engineering Ltd (RNEL).

On March 17, Hazel Mercantile, in partnership with Swan Energy, emerged the winner with 95% of the committee of creditors approving its resolution plan. The lenders later issued a letter of intent terming it the winning bidder.

Swan Energy’s managing director Nikhil Merchant was a director on the board of Navi Mumbai Smart City Infrastructure at the time of submitting the resolution plan for RNEL. 

Navi Mumbai Smart City is a company promoted by Nikhil Gandhi, who was also the promoter of Reliance Naval (formerly Pipavav Shipyard).

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By the way, Nikhil Merchant, Managing Director of Swan Energy is the father of Vinita Patel who is married to Naman Patel the nephew of Anil Ambani.

Vinita Naman Patel is currently associated with 4 Companies and is director with Swan Lng Private Limited, Dave Impex Private Limited, Storm Soft Technologies Private Limited, Triumph Offshore Private Limited.

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Further Saurabh Dalal Patel is the husband of Ila Ambani, the first cousin of Mukesh and Anil Ambani. He is the son-in-law of Ramnikbhai Ambani, the elder brother of late Dhirubhai Ambani.

He is currently a Member of Legislative Assembly in the 14th Gujarat Legislative Assembly or Gujarat Vidhan Sabha (ગુજરાત વિધાન સભા) and has served in the same capacity in the 10th, 11th, 12th and 13th Legislative Assemblies as well. In the Gujarat Legislative Assembly Elections that concluded in 2017, he contested and was directly elected from the constituency of Botad. He has given charge of finance and energy minister of gujarat. [Wikipedia].

Saurabh had held important portfolios such as finance, energy and petrochemicals, and mines and minerals in Gujarat.

News reports suggests Saurabh's "inability" to get along with BJP president Amit Shah. "Saurabh Patel owed his rise to Modi, and Anandiben used him as her main conduit with industry and business. With Amitbhai, his equation is chatis ka aakda (at daggers drawn)," a source said.

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One of the most influential businessmen in Modi’s India is someone you may have never heard of.  Google for Nikhil V. Merchant on the internet and you would be hard pressed to find too many photographs or profile or interview or even a quote of the 50-something entrepreneur whose proximity to Narendra Modi is an open secret in the upper echelons of the Bharatiya Janata Party and its government in Delhi.

Swan Energy, is largely involved in the textile and property business. Swan is headed by Nikhil Merchant and his father-in-law, Navinbhai Dave, who acquired it from the Goenka group in 1991.

Swan Energy has also been a donor to the BJP – making small payments of Rs.2 lakh and Rs 50,000 in 2012-13 – though Merchant now denies this. “I have never ever given any political funding to the BJP,” he told The Wire in an interview.

[The Wire, 08 Feb, 2018].

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Summary:

This means #Nikhil #Merchant has #Excellent connections with the ruling Bhartiya Janata Party (BJP) at the centre.

#Nikhil #Merchant of Swan 🦢 Energy is the Blue 🔵 eyed 👁️ boy of #Narendra #Modi. He has a clout in India Inc that he can get things done.

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I'm betting that he'll use his influence in the BJP government to get government of India's contract on building War Ships.

Swan Energy and Hazel Mercantile are in race to buy Reliance Naval and Engineering Ltd (Rs.3.60).

I feel the lenders and the shareholders will not agree to go with Navin Jindal owned JSPL. Navin Jindal is from the Indian National Congress headed by #Rahul #Gandhi.

The NCLT is not likely to give a judgment in favour of Navin Jindal. Or I would rather request NCLT, to go with the ealier verdict (of allowing the consortium of Hazel Merchant - Swan Energy to take over RNAVAL).

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However, even of it is taken over by Navin Jindal controlled JSPL, it wouldn't be too bad deal, either.

Because, first of all is the strategic location of RNAVAL, since it is port based and the other is that it can be a good outlet for the consumption of company's steel plates.

I reiterate, for JSPL Reliance Naval can be a captive client for the company's shipbuilding plates --  it is already supplying to other shipbuilding companies and for making military equipments.

After takeover, the JSPL, instead of selling plates, can directly sell ships, which will be a big relief to the lenders and other stakeholders.