National Asset Reconstruction Company Limited has given lenders binding offers to acquire loans of Sew Lsy Highways Limited, Haridwar Highways Project Limited and Kamachi Steels Limited, said people aware of the development. Separately, NARCL is set to acquire loans of SPML Infra Limited (NSEI:SPMLINFRA) and Dharani Sugars and Chemicals Limited (BSE:507442) following an uncontested Swiss auction, the people said. If lenders approve a binding offer for the two road projects and the steel company, it will be followed by a Swiss challenge auction.

NARCL's offer for the three companies is less than 10% of their outstanding dues, one of the persons said. The state-backed bad bank's binding offer of INR 4,050 million for SPML Infra, an engineering, procuring and construction (EPC) company, triggered a Swiss challenge auction schedule on June 6. NARCL is preparing to acquire the loan in cash and security receipts since lenders did not receive any counteroffer. Lenders will recover 33% of the dues from the sale of the EPC company.

Haridwar Highways Project is a special-purpose vehicle of Era Infra Engineering that won a contract from the National Highways Authority of India to strengthen the 80-km stretch from Muzaffarnagar in Uttar Pradesh to Haridwar in Uttarakhand. The total project cost escalated to INR 15,630 million, which included loans of about INR 9,800 million.