Spherical 1: This group made the very best bid of INR 8,640 crore to accumulate Reliance Capital
Torrent Group emerged as the very best bidder for debt-laden Reliance Capital within the first section of the public sale held on Wednesday (December 21), based on studies. Ahmedabad-based Torrent Group made a bid of INR 8,640 crore to accumulate the Anil Ambani group firm.
| Torrent Group | Reliance Capital |
| Multinational conglomerate firm | Monetary providers firm |
| Subsidiaries: Torrent Energy, Torrent Prescribed drugs, MORE | Subsidiaries: Reliance Dwelling Finance, MORE |
| Headquarters: Ahmedabad | Mother or father group: Reliance Group |
| Founder: U. N. Mehta | Founder: Dhirubhai Ambani |
| Based: 1959 | Based: 5 March 1986 |
Hinduja group made a second-biggest bid
In keeping with studies, Ahmedabad-based Torrent Group has made a bid of INR 8,640 crore to accumulate the non-banking finance firm (NBFC) arrange by the Anil Ambani Group. The promoter entities of Torrent Group have made this provide to purchase Reliance Capital. In keeping with studies, Hinduja Group additionally participated within the public sale to purchase this firm and made a proposal of INR 8150 crore, however Torrent Group defeated this provide by way of its increased bid.
Cosmea-Piramal consortium pulls out of Reliance Capital’s bidding
The report mentioned Hinduja Group has made the second-highest bid, whereas Oaktree has not participated within the public sale section. Oaktree and Cosmea-Piramal consortium determined to withdraw last-minute from the race, the officers mentioned.
In keeping with studies, the Committee of Collectors (CoC) had mounted a cheaper price restrict of INR 6,500 crore for the public sale. In keeping with an order by the Nationwide Firm Regulation Tribunal (NCLT), the lenders have to finish the decision means of Reliance Capital by January 31, 2023.
About Torrent Group
Torrent Group is an Indian multinational conglomerate based mostly in Ahmedabad. It was established by Uttam bhai Natha lal Mehta and is now run by his sons, Sudhir and Sameer Mehta. The principle companies of the group are fuel, prescription drugs, and electrical energy.
Profitable this public sale will give Torrent Group good leverage within the monetary providers sector as by way of this Torrent Group will get a whole 100% stake in Reliance Common Insurance coverage, whereas Torrent will get 51 p.c stake in Reliance Nippon Life Insurance coverage together with different belongings.
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