Anil Ambani-led debt-ridden Reliance Group arm Reliance Capital Limited (RCL) has received 10 more bids for its subsidiary companies, including SBI Life.
Let us tell you that recently the last date for submission of interest papers of Reliance’s subsidiaries was extended to 17 December 2020. After this, 10 more bids have come for Reliance Capital’s assets. This brings the total number of bids to 70. The special thing is that State Bank of India (SBI) subsidiary SBI Life has also shown interest in buying Reliance Capital’s stake in Reliance Nippon Life Insurance.
The paid up share capital of Reliance Nippon Life Insurance, a joint venture company, was Rs 1,196 crore as on September 30, 2020. Japan’s largest life insurance company Nippon Life holds a 49 percent stake in the joint venture. These units account for 93 percent of the total debt owed to the company. The company has a debt of around Rs 20,000 crore.
Selling stake in which companies: Bids have been invited to buy full or partial stake in RCL’s subsidiary units Reliance General Insurance, Reliance Securities, Reliance Financial Limited and Reliance Asset Reconstruction Limited. Reliance Securities and Reliance Financial Ltd. There is a plan to sell 100 percent stake in.
The company has launched Reliance Asset Reconstruction Ltd. Bids have been invited for a 49 percent stake. It has a 20 percent stake in the Indian Commodity Exchange (ICEX). It has also been put up for sale. Apart from RCL, six bids have been received for Reliance Home Finance, another debt-ridden company. (Input from language)