Reliance Capital Assets: 10 More Companies Bid To Buy

Reliance Capital assets: 10 more companies bid to buy, SBI Life also in the race.

Ten more bids have been received to buy the assets of Anil Ambani’s troubled company Reliance Capital Limited (RCL). These include SBI Life.

Earlier this month, the debenture holders’ committee extended the last date for submission of EOI to 17 December 2020.

After this, ten more bids have come for the assets of Reliance Capital. Thus, a total of 70 bids have been received so far. Sutras have given this information.

State Bank of India subsidiary SBI Life has also shown interest in acquiring Reliance Capital’s stake in Reliance Nippon Life Insurance.

Reliance Nippon Life Insurance is a joint venture with Nippon Life, Japan’s largest life insurance company. It bought a 49 percent stake in the company on September 30, 2020, for Rs 1196 crore.

At the end of September, this life insurance company with an AUM of 21,912 crores had a profit of Rs 35 crore during the year 2019-20.

The demonetization of RCL’s assets was initiated by the Debenture Holders Committee and Vistra ITCL India, which account for 93 percent of the firm’s total outstanding debt.

The total outstanding debt of the company is around Rs 20,000 crore.

Anil Ambani’s companies include Reliance General Insurance, Reliance Nippon Life Insurance, Reliance Securities, Reliance ARC, and Reliance Health.

Different companies have made bids to buy the properties of all these companies.

Let us know that Reliance Capital owns 100 percent of Reliance General Insurance. The process of selling the properties started in October this year. The company thus plans to end its debt.

More than 120 FDI proposals from China till April, government approval is mandatory

Since April, more than 120 foreign direct investment (FDI) proposals worth nearly Rs 12,000 crore have come from China.

In April itself, the government made government approval on FDI proposals from all those countries, which borders India.

Under this, it is necessary to get government approval from China, Pakistan, Bangladesh, and other neighboring countries for investment in any sector.