New Delhi: Anil Ambani’s Reliance Group entity, Reliance Capital Limited, is in debt. (RCL) has invited bids for the sale of its subsidiary stake. These subsidiaries include Reliance General Insurance and Reliance Nippon Life Insurance. Let me tell you that the company is preparing to sell its stake in a subsidiary to clear a debt of about Rs 20,000 crore.
The process of seeking EOI started from 31st October
Sources in the news agency PTI said that Reliance Capital has acquired subsidiaries Reliance General Insurance, Reliance Nippon Life Insurance, Reliance Securities, Reliance Financial Ltd. And Reliance has invited Letter of Interest (EOI) for sale of full or part of Asset Reconstruction. The process of taking EOI was started on 31st October 2020. Its purpose is to make RCL debt free. The monetization process will be carried out under the auspices of Debenture Holders and Debenture Trustee Vista ITCL India Limited.
Sources said that Reliance Capital has acquired Reliance General Insurance Company Ltd. Proposed exit. As on September 30, 2020, Reliance General Insurance had a paid up capital of Rs 252 crore. Apart from this, the company also intends to sell 51 per cent stake in Reliance Nippon Life Insurance Company. Reliance Nippon Life Insurance is a joint venture with Nippon, Japan’s largest life insurance company. As on September 30, its paid-up capital was Rs 1,196 crore.