Adani, Piramal, Oaktree and SC Lowy Bid For DHFL

Four entities — Adani Group, Piramal Group, US-based asset management company Oaktree Capital Mangement, and SC Lowy — have submitted bids for Dewan Housing Finance Corporation (DHFL). While Oaktree submitted a bid for the entire company, others bid for select portfolios. While Adani Group has submitted bids only for the construction finance portfolio and slum rehabilitation loans, Piramal Group has bid for the retail portfolio, and SC Lowy for the construction finance business, putting it in competition with Adani Group. DHFL is the first financial services company where lenders are attempting a resolution via the Insolvency and Bankruptcy Code. It was admitted into NCLT in December last year after RBI superseded its board owing to governance concerns. DHFL is facing claims of over Rs 94,900 crores from financial creditors in NCLT.