Ricoh India's install base includes digital production presses. Shown here is Nor Enterprise’s Nitin Nor with his newly installed Ricoh Pro c7100x in Mumbai in 2016. Photo IPP July 2016
News comes to us that the resolution of the Ricoh India insolvency and revival plan could take a bit longer. The resolution plan of the Dharamshi-Jhunjhunwala consortium approved by the NCLT in Mumbai is being contested by Kotak Mahindra’s private equity investment arm, Kotak Investment Advisors.
On 11 December 2019, Kotak Investment Advisors challenged the NCLT ruling in the Bombay High Court, arguing that the entire resolution and revival plan was flawed. KIA’s plea to the NCLT was rejected as was its appeal to the Mumbai High Court, which ruled that “the petitioners have an ‘alternative’ and equally efficacious remedy’ of appeal to the NCLAT.” There are indications that KIA may move the Supreme Court challenging the approved bid of the Dharamshi-Jhunjhunwala led consortium.
The battle to be the Indian lead partner in Ricoh India’s revival is because it is seen as a technology company with substantial revenue potential. While it suffered governance issues and losses of Rs. 1,123 crore in Financial Year 2014-15, the company won a project to digitize 130,000 post offices across India in late 2014 that is said to be still under implementation.
The company has a significant installed base of equipment, including digital production presses in the country on which it continues to earn maintenance and consumable annuity income. In FY17-18, it reported a revenue of Rs. 680 crore and a net loss of Rs. 894 crore. While Ricoh India has considerable debt, it is reportedly, mostly, to its parent company in Japan.
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