Aditya Birla Capital is reportedly looking to buy Reliance’s 51 per cent stake in a joint venture with Japan’s Nippon Life.
The deadline for bids in the insolvency process was August 29, before which RNLIC had not seen bids. However, the last date for submission of binding bids is October 31.
Bidders wishing to participate have two options – one is to purchase the entirety of RCL While the other is for bidding for specific areas of the unit.
Apart from Aditya Birla Capital, torrent group has partnered with Nippon Life Insurance to bid for a 51 percent stake in Reliance Capital in Reliance Nippon Life Insurance Company.
Sources told PTI that a valuer appointed by the administrator has estimated the embedded value of the life insurance company at Rs 5,800 crore.
reserve Bank of India ,reserve Bank of India) had superseded RCL’s board on November 29 last year in view of payment defaults and serious governance issues, appointing Nageswara Rao Y as administrator in relation to the firm’s Corporate Insolvency Resolution Process (CIRP).
It is the third largest non-banking financial company (NBFC) against which the central bank has initiated bankruptcy proceedings under the IBC. the other two were Srei Group NBFCs and Dewan Housing Finance Corporation (DHFL).
With inputs from PTI