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Anil Ambani’s Shipyard Faces Cash Crunch Amid Debt Recast

  • Submarine builder awaiting court order on possible insolvency
  • Private companies haven’t won shipbuilding contracts, CEO says
A worker welds a metal structure at the Reliance Naval and Engineering Ltd. shipyard in Pipavav.

A worker welds a metal structure at the Reliance Naval and Engineering Ltd. shipyard in Pipavav.

Photographer: Sam Panthaky/AFP via Getty Images

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Reliance Naval & Engineering Ltd., controlled by Indian tycoon Anil Ambani, said it is facing an acute cash-flow crunch after orders dried up amid efforts to restructure a pile of debt.

The disclosure in the company’s annual report came just before a court pushed hearing on whether to put the debt-laden company under insolvency proceedings to Oct. 3, people familiar with the matter said, asking not to be named as they are not authorized to speak to media. His wireless carrier slipped into bankruptcy earlier this year.