Lenders to debt-ridden Reliance Capital have allowed Aditya Birla Capital to place its bid to acquire a stake in Reliance Nippon Life Insurance Company (RNLIC), sources said.
When contacted, Aditya Birla Capital Ltd did not respond to the query.
RNLIC is a subsidiary of debt-ridden Reliance Capital which is undergoing the insolvency resolution process.
The Committee of Creditors (CoC) has approved Aditya Birla Capital Ltd to bid for RNLIC, sources said. Reliance Nippon Life Insurance is a 51:49 joint venture between Reliance Capital and Nippon Life of Japan.
When contacted, Aditya Birla Capital Ltd did not respond to the query.
Reliance Nippon Life Insurance was the only subsidiary of Reliance Capital that had not received any bid when the deadline for submission of non-binding bids had ended on August 29.
