February 5, 2023

Anil Ambani may get relief, Kumar Mangalam Birla may buy insolvent company

According to sources, the committee of creditors has approved Aditya Birla Capital’s bid for RNLIC. Reliance Nippon Life Insurance is a 51:49 joint venture between Reliance Capital and Nippon Life of Japan.

Anil Ambani’s company Reliance Nippon Life Insurance Kumar Mangalam Birla’s company may buy Aditya Birla Capital. This news has come forward citing sources. Aditya Birla Capital has shown interest in Reliance Nippon Insurance’s bid. Anil Ambani’s company is currently going through bankruptcy proceedings as the company is heavily in debt. Meanwhile, Kumar Mangalam Birla has come forward to buy Reliance Nippon. Reliance Nippon is a subsidiary of Reliance Capital.

According to a report by news agency PTI, Reliance Capital’s lenders have approved the bid for the debt-ridden company. This will lead to a bid to buy the stake in Reliance Nippon Life Insurance Company (RNLIC). According to sources, the committee of creditors has approved Aditya Birla Capital’s bid for RNLIC. Reliance Nippon Life Insurance is a 51:49 joint venture between Reliance Capital and Nippon Life of Japan.

Bid Approval

Reliance Nippon Life Insurance was the only affiliate of Reliance Capital, which did not receive any bids after the deadline for submission of non-binding bids closed on August 29, while Reliance Capital Ltd (RCL) received 14 non-binding tenders for several of its shares. business. was. Six companies submitted bids for the entire company, while the remaining bidders submitted offers for several of its subsidiaries.

Last date for submission of tenders is 31 October. Bidders have two options. Under the first, bidders have to submit bids for the entire RCL and under the second, they have the option to bid for specific areas of their company’s work.

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Torrent Group also bid

Sources said that apart from Aditya Birla Capital, Torrent Group along with Nippon Life Insurance has bid under the Insolvency and Bankruptcy Code (IBC) for Reliance Capital’s 51 per cent stake in Reliance Nippon Life Insurance Company. According to sources, the net worth of Reliance Nippon Life Insurance Company is pegged at Rs 5,800 crore. On November 29 last year, the Reserve Bank of India (RBI) dissolved RCL’s board in the wake of issues of payment defaults and misconduct.

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