Torrent Group may place bid for Reliance Nippon | The Financial Express

Torrent Group may place bid for Reliance Nippon

If successful, the bid would mark the foray of the Gujarat-based Torrent Group — which has a presence in pharmaceuticals, power and city gas distribution — into the financial services business, sources close to the development said.

Torrent Group may place bid for Reliance Nippon
The insurance company was put under Option 2, while the entire assets of RCap were put under Option 1.

Torrent Group is likely to place a bid for Reliance Nippon Life Insurance, a joint venture between Reliance Capital (RCap) and Japan’s Nippon Life Insurance.

Torrent Group is believed to be considering the move. Reliance Nippon Life did not receive any bids during the Reliance Capital bankruptcy process. The insurance company was put under Option 2, while the entire assets of RCap were put under Option 1.

If successful, the bid would mark the foray of the Gujarat-based Torrent Group — which has a presence in pharmaceuticals, power and city gas distribution — into the financial services business, sources close to the development said.

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Based on the present valuation of Reliance Nippon Life Insurance, a bid would range somewhere between Rs 2,500-3,000 crore, they said.

Torrent Group was among the companies that had submitted bids for RCap’s assets under Option 1.

RCap holds a 51% stake in Reliance Nippon, and the remaining is held by Nippon Life. The private sector insurer had recorded a total premium of 5,037 crore for FY22, as against4,736 crore posted during the year-ago period.

As per the current timeline, the last date to submit binding bids for RCap’s assets has been extended to September 29.

The timeline for filing of final resolution plan with the National Company Law Tribunal’s (NCLT) Mumbai bench is November 1.

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