Final offers for Reliance Capital were made by the Hinduja group, Oaktree, Torrent, and Piramal group, along with Cosmea Financial and UV ARC (RCap). On November 28, 2022, the final offers for the bankrupt group's assets were due.
Financial Express cited industry insiders when reporting that there were no separate bids for RCap's life and general insurance businesses.
The two companies that were interested in the life insurance market, Birla Sun Life and Nippon Life, withdrew from the bidding process. Nippon, which owns a 49% stake in Reliance Nippon Life Insurance, had expressed interest in partnering with an Indian partner to bid for the company's remaining 51%. It was unable to locate partners, though.
Similar to how Nippon Life turned down a merger out of concern that its stake would drop below 10%, Birla Sun Life Insurance withdrew from the competition.
In the last round, Reliance General Insurance's non-binding bidders Zurich Insurance and US-based private equity investment Advent International chose not to participate.
