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AB Capital joins race for RNLIC
Business Standard
|October 15, 2022
Aditya Birla Capital, the financial services firm of the Aditya Birla group, has joined the race to buy a 51 per cent stake in Reliance Nippon Life Insurance Company (RNLIC), a unit of bankrupt Reliance Capital. Ahmedabad-based Torrent Group is also in the fray.
The stake is being sold by an administrator appointed by the Reserve Bank of India (RBI). A valuer appointed by the administrator had pegged the embedded value of the life insurance company at ₹5,800 crore, said a banker close to the transaction.
Reliance Capital holds a 51 per cent stake in RNLIC and Nippon Life of Japan the rest. Aditya Birla Capital separately owns a majority stake in Aditya Birla Sun Life Insurance Company, a joint venture with Canada's Sun Life.
Aditya Birla Sun Life Insurance had 1.88 per cent market share in terms of new business premium as of September, while RNLIC had 0.27 per cent share, according to the Insurance Regulatory and Development Authority.
Esta historia es de la edición October 15, 2022 de Business Standard.
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