State-run Vijaya Bank has classified the Anil Ambani group-led Reliance Naval and Engineering, whose auditors had recently expressed doubts about the company’s ability to continue as a “going concern”, as non-performing asset from the March quarter.
The company, which was earlier known as Pipavav Defence and Offshore Engineering, was bought over by Anil Ambani Group in 2016 and renamed as Reliance Defence and Engineering. It owes more than ₹9,000 crore to more than two-dozen banks, mostly state-run, led by the troubled IDBI Bank.
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