Russian firm looks to buy Reliance Naval

Most shipbuilding companies are backing away from purchasing Anil Ambani’s Reliance Naval and Engineering Ltd (RNaval), which is being sold to pay its debts.

However, Russia’s state-owned United Shipbuilding Corporation (USC) remains interested. Responding to a media report last month that said USC had opted out of the bidding process, the Russian Embassy in India clarified: “USC has never officially indicated its refusal to participate in the tender.”