Anil ambani led reliance capital firm indusind bank octree capital two others submit bids

New Delhi : Four companies have shown interest in the acquisition of Anil Ambani's debt-ridden Reliance Capital Limited (RCL). These four companies are IndusInd Bank, American asset management company Octree Capital, Torrent Group and B-Right Group. News agency PTI quoted its sources as saying that these companies have submitted bids. According to sources, these bids are in the range of Rs 4,000 crore for a company doing business in eight different sectors.

Deadline was extended 5 times: For information, let us tell you that the last date for submission of bids for Reliance Capital ended on August 29. This deadline was extended five times. Initially 54 companies had shown interest for Reliance Capital, but now only four have submitted bids as part of the insolvency resolution process.

Two options were given: Two options were offered to the bidders. In the first option the bidders were required to submit bids for the entire RCL. While under the second they could bid for specific areas of the company. Sources said Piramal Group, Zurich Re and American private equity fund Advent have bid for the business of Reliance General Insurance.

At the same time, no bids have been received for Reliance Nippon Life Insurance business. Besides, Jindal Steel & Power and UV Asset Reconstruction Company have submitted bids for the asset restructuring business of Reliance Capital.