54 Companies in Race To Buy Anil Ambani’s Reliance Capital

54 companies have bid to buy the debt-ridden Anil Ambani’s company Reliance Capital. This includes Tata AIG, Japanese company Nippon Life Insurance, ICICI Lombard, Adani Finserve, HDFC Argo and others.

Apart from these, there are private equity companies like Poonawalla Finance, Piramal Finance, Oaktree Capital, Cholamandalam, Bandhan Financial, Yes Bank and TPG along with KKR. In fact, the administrator appointed by the Reserve Bank had extended the last date for bidding to March 25, which was earlier March 11.

However, two options were given for bidding, in which instead of buying out the entire Reliance Capital, one or two of its companies can also be bought. Its other companies are General Insurance, Home Finance, Asset Construction and Commercial Finance Company.

Reliance Capital was the third largest non-banking financial company in the country against which the move was taken. On November 29 last year, its board of directors was dissolved by the Reserve Bank for default in payments. The bidding companies had sought extension of the date.