MUMBAI: Mahindra Defence and Shapoorji Pallonji Group may independently bid for the troubled Bharati Defence and Infrastructure (formerly Bharati Shipyard) in the first such bankruptcy resolution attempt under the Insolvency and Bankruptcy Code for the security industry.
The two companies are currently evaluating the deal that values the target company at $350 million, said three people with direct knowledge of the development.
Bharati has also seen interest from other suitors such as German Dry Docks and other companies seeking to control individual docks along Indias eastern and western water margins.
Mahindra Defence and Shapoorji Pallonji group have been approached and they are currently carrying out due diligence on the company…
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