New Owner of Anil Ambani’s Reliance Capital is Finalized, Torrent Group Wins Auction
Reliance Capital Auction : The name of the biggest bidder has come to the fore for the auction of Mukesh Ambani’s younger brother Anil Ambani’s company Reliance Capital. The Torrent Group has made the highest bid on Wednesday in the auction held as part of the resolution process of heavily debt-ridden Reliance Capital. Sources said Ahmedabad-based Torrent Group has made a bid of Rs 8,640 crore to acquire the non-banking finance company (NBFC) set up by the Anil Ambani Group.
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Reliance Capital Auction : Second Biggest Bid
The promoter entities of Torrent Group have made this offer to buy Reliance Capital. According to banking sources, Hinduja Group also participated in the auction to buy this company and made an offer of Rs 8150 crore, but Torrent Group defeated this offer through its higher bid.
Cosmea Piramal Tie-Up Out Already Of Bidding Process
Banking sources said Hinduja Group has made the second highest bid, while Oaktree has not participated in the auction phase. The Cosmea Piramal alliance was already out of the bidding process. Sources said the Committee of Creditors (CoC) had fixed a lower price limit of Rs 6,500 crore for the auction. According to an order by the National Company Law Tribunal (NCLT), the lenders have to complete the resolution process of Reliance Capital by January 31, 2023.
Reliance Capital Auction : Torrent Group Will Get 100% Stake
Winning this auction will give Torrent Group a good advantage in the field of financial services. Through this Torrent Group will get full 100 percent stake in Reliance General Insurance. While Torrent will get 51 percent stake in Reliance Nippon Life Insurance along with other assets.
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Reliance Capital Auction : Torrent Group
The Rs 21,000-crore Torrent Group is headed by 56-year-old Sameer Mehta and under his leadership. The group has taken several strategic initiatives and entered new sectors. For example, Torrent Group has also made its mark in the field of power and city gas distribution. Torrent Pharmaceuticals, the flagship company of the Torrent Group, is one of the leading pharma companies in India. Now its group has opportunities to move forward in the field of financial services after buying Reliance Capital.
