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Piramal Financial and Zurich Insurance, which have submitted separate bids for the final insurance business of debt-laden Reliance Capital, have determined to kind a three way partnership to bid for the business.
Piramal and Zurich would maintain 50% every within the proposed three way partnership firm, reported the Indo-Asian News Service.
If this proposed JV succeeds within the acquisition, it can mark the entry of Zurich Insurance into India’s common insurance business market.
Three potential buyers — Piramal Finance, Zurich , and US-based asset administration agency Advent — have submitted bids of INR36bn, INR37bn and INR70bn respectively solely for Reliance General Insurance.
Reliance Capital has obtained 14 non-binding bids. Six firms had submitted bids for the whole firm, whereas the remainder of the bidders had submitted bids for its a number of subsidiaries.
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