New Delhi: The Anil Ambani-founded Reliance Capital, which is going through insolvency procedures, has received bids for acquisition of up to Rs 4,500 crore from The Hinduja Group, Oaktree Capital, Torrent Investment, and Cosmea Financial Holdings. According to the Economic Times, three further bidders wanted to purchase Reliance Capital’s general insurance division solely.

Cosmea Financial has provided the struggling Anil Dhirubhai Ambani Group company Rs 4500 crore with a commitment of Rs 1060 crore in capital infusion.

Sam Ghosh, the promoter-founder of Cosmea Financial Holdings, oversaw Reliance Capital for nine years until 2017.

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Only for Reliance General Insurance did Advent, a consortium led by the Piramal Group, and Zurich Insurance submit proposals. For a 100% ownership in Reliance General Insurance, Advent International and Zurich Insurance have made an offer (RGI).

The Hinduja and Oaktree each filed bids for 4200 and 4000 crores of rupees, respectively. The 4,000 rupees that Torrent Investment pledged was made up of 1,000 rupees up front and 3,000 crores in future instalments.

As part of the firm’s bankruptcy procedures, 14 resolution plans have been submitted to the indebted corporation as of the end of August.

In 2021, Reliance Capital’s board was replaced by the Reserve Bank of India due to governance problems.

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The report further stated that no separate bids were received by the RBI-appointed administrator Nagaeswara Rao Y for the 51% stake in Reliance Nippon Life Insurance.

Rao had given prospective bidders the option of submitting a single bid for the entirety of Reliance Capital, including all of its subsidiaries, or separate bids for each of the company’s distinct companies. About 20 financial services firms, including an asset reconstruction firm, an insurance company, and securities broking, are part of Reliance Capital (ARC).

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