Lenders invite bid for Coastal Energen

On behalf of the lenders SBICap has invited bids for Tamil Nadu based Coastal Energen after its promoter failed to repay loans of over Rs 8,200 crore to Indian banks. Interestingly, its promoter Coal & Oil group, which has invested in the company through Mutiara Energy and Precious Energy, has also shown interest in buying the assets, of course, at discounted rates (Rs 3,000 crore). The group has dubious past and in Jan 2017, the income tax department had conducted search operations at 74 places across the country, which continued for four days.