Kumar Mangalam Birla can buy this company of Anil Ambani, talks start

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

Anil Ambani's company Reliance Nippon Life Insurance can be bought by Kumar Mangalam Birla 's company Aditya Birla Capital. This news has come out from quoting sources. Aditya Birla Capital has shown interest in the bidding of Reliance Nippon Insurance. This company of Anil Ambani is currently going through the insolvency process 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, the lenders of Reliance Capital have approved the bidding of the debt-ridden company. This will lead to a bid to buy the stake of Reliance Nippon Life Insurance Company (RNLIC). According to sources, the committee of creditors has approved Aditya Birla Capital to bid for RNLIC. There is a 51:49 joint venture between Reliance Nippon Life Insurance and Reliance Capital and Nippon Life of Japan.

Bid approval

Reliance Nippon Life Insurance was the only subsidiary of Reliance Capital, which did not receive any bids when the deadline for submission of non-binding bids ended on August 29, while Reliance Capital Limited (RCL) received 14 non-binding bids for several of its businesses. Was. Six companies had submitted bids for the entire company, while the rest of the bidders submitted offers for several of its subsidiaries.

The last date for submission of bids is 31 October. There are two options available to the bidders. Under the first, the bidders are required to submit bids for the entire RCL and in the second, they have the option to bid for specific areas of work of the company.

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 total value of Reliance Nippon Life Insurance Company has been estimated at Rs 5,800 crore. On November 29 last year, the Reserve Bank of India (RBI) superseded the board of RCL in view of the issues of payment default and malpractices.