Adani & JSW arms, TVS keen to buy warehouse company Renaissance Indus Infra

Adani Logistics, Sajjan Jindal-owned JSW Jaigarh Port, TVS Group, and Welspun Group have shown interest in bidding for Renaissance Indus Infra, a warehouse and industrial park developer undergoing insolvency process, said people aware of the development.

Two special-purpose vehicles floated by promoter Mayur Suchak's Renaissance Group are undergoing insolvency.

These are Renaissance Indus Infra which is involved in warehousing and industrial development in or around Bhiwandi, Mumbai and Renaissance Urban Infra which is engaged in the business of infrastructure developments and creation of industrial smart cities.


IIFL Facilities Services; Authum Investment and Infrastructure, which recently acquired assets of Reliance Home Finance and Reliance Commercial Finance; and JC Flowers Asset Reconstruction Company, which acquired Yes Bank's ₹48,000 crore distressed assets portfolio, also submitted expressions of interest (EoI), said one of the persons cited above.

Clearwater Capital Partners Singapore Fund and Catalyst Trusteeship are the only two creditors for the Renaissance Group's SPVs admitted for corporate insolvency. Ares SSG Capital is the sole bondholder for which Catalyst is the debenture trustee.

The lenders are working on group resolution although both cases were admitted separately by the National Company Law Tribunal. Birendra Kumar Agarwal is the RP for both the SPVs.

The RP admitted claims of ₹1,097 crore for Renaissance Indus and ₹1,118 crore for Renaissance Urban, according to disclosures on the Insolvency and Bankruptcy Board of India's website.

Of this, Ares SSG via Catalyst, has verified claims of ₹2,034 crore, while Clearwater's is ₹181 crore for both the SPVs.

JSW Jaigarh Port and TVS group declined to comment. The RP, Adani and Welspun did not respond to ET's request for comments.

While EoIs were submitted for Renaissance Indus last week, the deadline for Renaissance Urban is 10 days away, the people cited above said.

In 2018, Edelweiss Financial Services provided debt to the two SPVs that Altico refinanced. After Altico collapsed, Ares SSG Capital acquired its ₹4,200 crore distressed loan book in March 2021. Thus, Ares became a claimant for the two SPVs of Renaissance. Clearwater Capital, Varde Partners, and Abu Dhabi Investment Authority were the founders of Altico Capital.

In May, the National Company Law Appellate Tribunal dismissed a petition filed by suspended promoters and directors of Renaissance Indus against the NCLT ruling to admit the company for corporate insolvency, according to an ET report on May 26.

NCLT admitted Renaissance Indus on March 31, while Renaissance Urban was admitted on May 2.