Aditya Birla Capital has joined the race to pick up 51 per cent stake in Reliance Nippon Life Insurance Company, a subsidiary of debt-ridden Reliance Capital which is undergoing insolvency resolution process.
Reliance Nippon Life Insurance was the only subsidiary of Reliance Capital that had not received any bid when the deadline for submission of non-binding bids had ended on August 29. Reliance Capital had received 14 non-binding bids for its multiple businesses. Six companies had submitted bids for the entire company, while the rest of the bidders had submitted offers for its multiple subsidiaries. The last date for submitting the binding bids is October 31, 2022.
Aditya Birla Capital is one of the largest financial services players in India.
