54 firms submit EoI for acquiring Reliance Capital; Tatas, Adanis among bidders
Reliance Capital, which is undergoing Corporate Insolvency Resolution Process, has received 54 expressions of interest (EoIs) from some of the big names in the industry including Tatas, Adani Finserv, ICICI Lombard, and Nippon Life Insurance.
Other bidders for insolvent Anil Ambani company include the likes of HDFC Ergo, OakTree Capital, Yes Bank, Bandhan Financial, Cholamandalam Investment, Blackstone, New Quest, IndusInd International, Brookfield, TPG Capital, Zurich, Ares SSG Capital, Arpwood Partners, Capri Global Holdings, Edelweiss Alternative, International Asset Reconstruction Company, JC Flower, Motilal Oswal, Square Four Housing and UV Multiple Asset Investment.
Darwin Platform Group chairman has also jumped into the fray to bid for Reliance Capital which is undergoing Corporate Insolvency Resolution Process (CIRP).
The bidders could either bid for the entire assets of Reliance Capital or any one or more of its subsidiaries. Its subsidiaries include Reliance General Insurance, Reliance Nippon Life Insurance, Reliance Asset Reconstruction Company, Reliance Securities, Reliance Commercial Finance and Reliance Home Finance.
The last date for submitting the bids was 25th March. Deloitte India Insolvency Professionals LLP (Deloitte IPE) has been appointed to support and assist the administrator – Nageshara Rao, who has been appointed as administrator of RCL by the Reserve Bank of India (RBI) through National Company Law Tribunal (NCLT) order.
Reliance Capital has a consolidated debt of about Rs 40,000 crore, with nearly Rs 23,000 crore of verified claims.
The Reserve Bank of India (RBI) In November has superseded the board of Anil Ambani’s Reliance Capital over defaults in payments and serious governance concerns.
RBI had appointed Nageswar Rao Y, the former executive director, Bank of Maharashtra, as the Administrator of the company.
Reliance Capital is the third NBFC firm against which insolvency proceedings have been initiated. The others are Srei Group NBFCs and Dewan Housing Finance Corporation (DHFL).
Reliance Capital CEOÂ Dhananjay Tiwari on 15 March 2022 resigned from his post.
Three Anil Ambani group companies – Reliance Infrastructure, Reliance Power and Reliance Natural Resources Limited (RNRL) – have been dragged to insolvency court.
Also Read: Creditors take Reliance Infra, Reliance Power to insolvency court a day after exit of Anil Ambani
