CoC Recognises Aditya Birla Capital To Bid For Reliance Nippon Life
Reliance Nippon Life is currently debt-ridden and is undergoing the insolvency resolution process. Aditya Birla Capital Ltd has been approved by the Committee of Creditors (CoC), to bid for the same
Lenders recognised Aditya Birla Capital, to place its bid to acquire a stake in Reliance Nippon Life Insurance Company (RNLIC) as Reliance Capital is debt-ridden, according to a media house.
Reliance Capital is holding company of RNLIC, which is currently debt-ridden and is undergoing the insolvency resolution process.
Aditya Birla Capital Ltd has been approved by the Committee of Creditors (CoC), to bid for RNLIC. A joint venture with ratio of 51:49 between Reliance Capital and Nippon Life of Japan, is recognised as Reliance Nippon Life Insurance.
Being the only subsidiary of Reliance Capital, RNLIC did not receive any bid when the deadline for submission of non-binding bids ended on 29 August.