Piramal Finance and Zurich Insurance may not go forward with a joint bid for Reliance General Insurance Company (RGIC). According to sources, there’s a distinction between the 2 sides on points akin to shareholders settlement and valuation.
In the primary spherical, each firms had submitted separate non-binding bids for the overall insurance coverage enterprise of Reliance Capital. However, they had been exploring a three way partnership to put a standard bid.
Advent additionally in race
Advent can be within the race to accumulate the insurance coverage enterprise of Reliance Capital. In the primary spherical, Advent had submitted the very best non-binding bid of ₹7,000 crore, which was nearly double the quantity provided by two different bidders — Piramal and Zurich Insurance.
Sources mentioned that Advent may not be comfy with IRDAI tips that stipulate a five-year lock-in interval for non-public fairness traders within the Indian insurance coverage enterprise.
Aditya Birla Sun Life and Nippon Life of Japan had engaged in merger talks for Reliance Nippon Life Insurance. Those talks additionally failed as a result of variations between each firms on a number of points.