Ricoh India’s headquarters
Kotak Investment Advisors and Karvy Data Management Services have submitted bids to acquire Ricoh’s troubled Indian subsidiary.
As the Economic Times reports, the “distressed” Ricoh India has almost Rs 3000 crore ($421.7 million/€369.7 million) in unpaid dues and owes Ricoh Japan and Ricoh Asia Pacific approximately Rs 1,500 crore ($210.8 million/€184.8 million).
Kotak and Karvy submitted their bids to Ricoh’s committee of creditors, helmed by Deutsche Bank, “which will choose the new owner of the company.” Ricoh India’s lenders may suffer a 5-10 percent loss on their loans. These include Bank of India and Citibank.
Ricoh India’s troubles began in 2016, when the company “admitted its accounts appeared to have been ‘falsified’ and that it estimated to have incurred a loss of Rs 1,123 crore ($157.8 million/€138.4 million) for the financial year concluding March 2016.
Minority shareholders claimed compensation both from Ricoh India and its Japanese parent company.
