Aditya Birla Capital seen in fray for Reliance Nippon pie

Aditya Birla Capital is reportedly looking to buy out 51% stake that Reliance has in the joint venture with Nippon Life of Japan.

The deadline for bids in the insolvency process was August 29, before which RNLIC did not see a bid. However, the last date for submitting the binding bids is October 31.

Bidders looking to participate have two options – one is to buy out the entirety of

while the other is to bid for specific verticals of the entity.

Apart from Aditya Birla Capital, Torrent Group has partnered with Nippon Life Insurance to bid for Reliance Capital’s 51 per cent stake in

Life Insurance Company.

A valuer appointed by the administrator has pegged the embedded value of the life insurance company at Rs 5,800 crore, sources told PTI.

The Reserve Bank of India (RBI) had on November 29 last year superseded the board of RCL in view of payment defaults and serious governance issues, appointing Nageswara Rao Y as the administrator in relation to the Corporate Insolvency Resolution Process (CIRP) of the firm.

This is the third large non-banking financial company (NBFC) against which the central bank has initiated bankruptcy proceedings under IBC. The other two were Srei Group NBFC and Dewan Housing Finance Corporation (DHFL).

With inputs from PTI