Torrent Group on Friday modified its bid for acquiring debt-ridden Reliance Capital Ltd by offering to pay upfront its previously committed bid amount instead of the deferred payment.

Ahmedabad-based Torrent Group is offering to pay the entire bid amount of Rs 8,640 crore as upfront cash while maintaining the net present value (NPV) of Rs 8,640 crore quoted during the auction, sources said.

Earlier, sources said, it had made an offer Rs 3,750 crore as cash upfront and the balance in deferred payments.

As per the laid down process by the lenders, the payment terms and other terms and conditions of the resolution plans were subject to negotiations between lenders and bidders post the auction.

Hinduja Group, the promoter of IndusInd Bank, had revised its offer from Rs 8,110 crore to Rs 9,000 crore a day after the e-auction. Following this, the Torrent Group moved the Mumbai bench of the NCLT, which stayed the resolution process.

This is the first time that an e-auction of this scale is taking place for the resolution of an NBFC (non-banking financial company) under the Insolvency and Bankruptcy Code (IBC).

The decision of e-auction was taken at the behest of LIC and EPFO, which together control 35 per cent of the voting rights in the Committee of Creditors (CoC).

The Reserve Bank of India (RBI) had on November 29 last year superseded the board of RCL because of payment defaults and serious governance issues.

The RBI appointed Nageswara Rao Y as the administrator in relation to the corporate insolvency resolution process (CIRP) of the firm.

Tea exports rise 18% in 10 months

Tea exports from India have increased 18.1 per cent at 185.31 million kilograms between January and October 2022, from 160 million kilograms in the similar previous first 10 months.

According to Tea Board data, the CIS block countries remained the largest importer at 43.65 million kilograms during the first ten months of 2022, up from 36.95 million kilograms in the same period the previous year.

The UAE surfaced as the second largest importer at 32.95 million kilograms during the period in 2022, substantially higher from 12.45 million kilograms in the previous similar period.

Iran, which had been a big importer of the Indian orthodox variety, imported 19.52 million kilograms in the period January to October 2022, lower from 21.45 million kilograms in those 10 months in 2021.

Secretary-general of Tea Association of India (TAI) P.K. Bhattacharya said that though shipments to Iran had fallen, the silver lining is that UAE has surfaced as a major importer after the CIS block.