Nageswara Rao Y, administrator of Reliance Capital, has given potential applicants the option of bidding for the entire company or submitting plans for individual subsidiaries.
Advent International is actively considering offering a plan for both life and non-life insurance businesses, people said.
And True North Fund Separate bids are likely for the life insurance unit, while Blackstone and Zurich Insurance may bid separately for the general insurance unit, the same people said. Piramal Group and Oaktree declined to comment.
‘No resolution plan submitted’
“While the administrator has not yet received a resolution plan, he has compiled a list of investors who have shown an active interest in the bankrupt company,” said one of the people cited above.
The admin did not respond to ET’s queries. Yes Bank, True North, Cosmia, Advent, Zurich International, IndusInd International and Blackstone could not be reached for comment.
The committee of creditors has extended the deadline for getting the resolution plan from July 31 to August 12. Those who have already submitted resolution plans can revise them by September 11, a third person informed of the development.
The administrator received 54 EoIs, which include applications for Reliance Capital as a whole company and individual entities. The company founded by Anil Ambani, which has about 20 financial services companies and five associate companies, was admitted to bankruptcy proceedings in December.