Reliance Capital’s administrator Nageshwara Rao Y has given potential applicants a choice to either bid for the entire company or submit plans for individual subsidiaries.
Advent International is actively considering the submission of a plan for both the life and non-life insurance businesses, the people said.
and True North Fund are likely to make separate bids for the life insurance unit, while Blackstone and Zurich Insurance are likely to bid separately for the general insurance arm, the same people said. The Piramal Group and Oaktree declined to comment.
‘No Resolution Plans Submitted’
“Although the administrator is yet to receive resolution plans, he has drawn up a list of investors showing active interest in the bankrupt company,” said one of the persons cited above.
The administrator did not respond to ET’s queries. Yes Bank, True North, Cosmea, Advent, Zurich International, IndusInd International and Blackstone could not be reached for comment.
The committee of creditors has extended the deadline for receiving resolution plans to August 12 from July 31. Those that have already submitted resolution plans can revise them until September 11, said a third person aware of the development.
The administrator received 54 EoIs, including applications for
as an entire company and individual units. The Anil Ambani-founded company, which houses about 20 financial services companies and five associate companies, was admitted to insolvency proceedings in December.