APM Terminals and Navin Jindal Group are among three firms that have submitted final bids for Reliance Naval and Engineering Limited (BSE:533107) (R-Naval), banking sources said. A consortium of Gulf Marine Services PLC (LSE:GMS), Dubai and Turkeys'' Besiktas Shipyard was the third bid submitted at the close of bidding last week, they said. The Committee of Creditors (COC) will be meeting this week for an evaluation of these bids.

Earlier 12 companies had expressed interest in acquiring R-Naval, but finally, out of those 12 who had submitted EOIs, only three companies have submitted the final bids. The resolution of R-Naval debt will take place through NARCL AMC, they said. IDBI is the lead Banker of R-Naval.

The 12 applicants who had submitted EOIs were APM Terminals, JSC United Shipbuilding Corporation (Russia), Hazel Mercantile Limited, Chowgule and Company Private Limited, Interups, Inc. (OTCPK:ITUP), Next Orbit Ventures Private Limited, International Asset Reconstruction Company Private Limited (ARCIL), International Asset Reconstruction Company Private Limited (IARC), JM Financial Asset Reconstruction Company Limited (JM ARC), CFM Asset Reconstruction Private Limited (CFM ARC), Invent Assets Securitisation & Reconstruction Pvt.Ltd. (Invent ARC) and Phoenix ARC Private Limited (Phoenix ARC). United Shipbuilding of Russia, who was one of the keen contenders till the EOI process, backed out of the final bidding process because the company management believed that the pipeline of new defence naval business was not clear, sources said.