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Reliance Naval and Engineering Ltd

The Indian Navy has cancelled Reliance Naval and Engineering Ltd (RNEL), the Rs 2,500-crore Naval Offshore Patrol Vessels (NPOVs) contract for 5 such vessels, owing to delay in delivery of the vessels. The original contract was signed in 2011 with Pipavav Defence, which was taken over by Reliance Group in 2015 and later renamed it as Reliance Naval and Engineering Ltd (RNEL). The cancellation of the NOPV contract has cast a shadow over the bidding process of RNEL, which is currently going through the debt resolution process in the National Company Law Tribunal (NCLT). RNEL has an outstanding debt of over Rs 11,000 crore.

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