Positive response to Reliance Capital’s sale of assets
Technology

Positive response to Reliance Capital’s sale of assets

The sale of Reliance Capital’s assets by Indian banks has received a strongly positive response with eight organisations—Oaktree, JC Flowers, and six asset reconstruction companies (ARCs)—submitting expressions of interest (EoI) for the entire company. Blackstone, KKR, Bain Capital, and others are competing for its general insurance arm, and Bandhan Bank, Bain, and Dabur Investments have shown interest in Reliance Capital’s 51% stake in the life insurance business.

SBI Capital Markets and JM Financial, who are the lenders’ advisors have received over 60 different bids for the assets. The companies that have shown interest be given access to the company’s data room and will then need to submit their financial bids for the firm or its assets. Eighteen bidders, including ChrysCapital, JC Flower, Blackstone, KKR, CVC Capital Partners, and Bain Capital have given EoIs for Reliance General Insurance, owned 100% by Reliance Capital.

16 bids have been received by the lenders of Reliance Nippon Life Insurance (Reliance Capital owns 51% stake) including from Bain Capital, NIIF, Arpwood Partners, Dabur Investments, Bandhan Bank, and Multiples Asset Management. EoIs have been submitted by eight bidders for Reliance Securities, including Bain Capital, Religare Broking, Edelweiss Securities, and a few ARCs.

There are six bidders for Reliance ARC, including Bain Capital and International Asset Reconstruction Company. There are also multiple bidders for Reliance Capital’s stake in ICEX and Paytm. The Committee of Debenture Holders and the Debenture Trustee Vistra ITCL India commenced the monetisation of assets for Reliance Capital.

Advisors started the unlocking value process on October 31, which ended on Tuesday. Reliance Capital had a combined debt of Rs 26,869 crores, and the standalone entity had a debt of Rs 17,446 crores as of September 2020. A debt resolution for Reliance Commercial Finance (RCF), the NBFC arm of the company, is currently ongoing.

Source: Business Standard

The sale of Reliance Capital’s assets by Indian banks has received a strongly positive response with eight organisations—Oaktree, JC Flowers, and six asset reconstruction companies (ARCs)—submitting expressions of interest (EoI) for the entire company. Blackstone, KKR, Bain Capital, and others are competing for its general insurance arm, and Bandhan Bank, Bain, and Dabur Investments have shown interest in Reliance Capital’s 51% stake in the life insurance business.SBI Capital Markets and JM Financial, who are the lenders’ advisors have received over 60 different bids for the assets. The companies that have shown interest be given access to the company’s data room and will then need to submit their financial bids for the firm or its assets. Eighteen bidders, including ChrysCapital, JC Flower, Blackstone, KKR, CVC Capital Partners, and Bain Capital have given EoIs for Reliance General Insurance, owned 100% by Reliance Capital. 16 bids have been received by the lenders of Reliance Nippon Life Insurance (Reliance Capital owns 51% stake) including from Bain Capital, NIIF, Arpwood Partners, Dabur Investments, Bandhan Bank, and Multiples Asset Management. EoIs have been submitted by eight bidders for Reliance Securities, including Bain Capital, Religare Broking, Edelweiss Securities, and a few ARCs. There are six bidders for Reliance ARC, including Bain Capital and International Asset Reconstruction Company. There are also multiple bidders for Reliance Capital’s stake in ICEX and Paytm. The Committee of Debenture Holders and the Debenture Trustee Vistra ITCL India commenced the monetisation of assets for Reliance Capital. Advisors started the unlocking value process on October 31, which ended on Tuesday. Reliance Capital had a combined debt of Rs 26,869 crores, and the standalone entity had a debt of Rs 17,446 crores as of September 2020. A debt resolution for Reliance Commercial Finance (RCF), the NBFC arm of the company, is currently ongoing. Source: Business Standard

Next Story
Real Estate

Bennet & Bernard Unveil Dutch-Inspired ‘Casa El Toledo’ in Goa

Bennet & Bernard Group, Goa’s leading luxury real estate developer, has launched its newest project, Casa El Toledo, in Assagao. The enclave features 18 ultra-luxury 4 BHK Dutch-style villas blending European charm with tropical elegance. Each villa includes a private pool, double-height ceilings, open courtyards, alfresco dining areas, and English-inspired landscaping. The interiors are curated by noted Dutch designer Kelly Marie.   Reflecting the grandeur of the Dutch Golden Age, Casa El Toledo harmonises heritage aesthetics with modern sensibilities. Expansive interiors flow..

Next Story
Equipment

Godrej Delivers Heaviest Ecolaire Surface Condenser to US Project

Godrej Enterprises Group’s Process Equipment business has manufactured and delivered its heaviest Ecolaire® Surface Condenser to date, weighing nearly 450 metric tonnes, for a power-generation project in the United States. The project, powered by natural gas and partly designed for hydrogen compatibility, marks another step in advancing clean energy systems. Produced at the company’s GreenCo-certified Dahej facility in Gujarat, the equipment demonstrates India’s growing engineering capabilities and reinforces Godrej’s ‘Make in India for the World’ vision.  Hussain S..

Next Story
Infrastructure Energy

India, Brazil Discuss Energy Ties And Oil Investments

Union Minister for Petroleum and Natural Gas Hardeep Singh Puri held discussions with Celso Luis Nunes Amorim, Special Advisor to the President of Brazil, and senior Brazilian officials to strengthen bilateral cooperation in the oil, gas, and energy transition sectors. The talks took place during a dinner hosted by Kenneth H da Nobrega, Ambassador of Brazil to India, at his residence in New Delhi.Mr Puri said the meeting focused on Indian investments in Brazil’s oil and gas sector, as well as expanding collaboration in energy transition and biofuels. “The enriching conversation revolved ar..

Advertisement

Subscribe to Our Newsletter

Get daily newsletters around different themes from Construction world.

STAY CONNECTED

Advertisement

Advertisement

Advertisement

Talk to us?