Amongst these approached by Deloitte are HDFC Financial institution; SBI Life Insurance coverage; ICICI Lombard Normal Insurance coverage; monetary providers arms of commercial homes such because the Aditya Birla Group, Adani Group, Naveen Jindal Group and the Hero Group; and non-bank finance corporations like Capri International, in accordance with these folks. It has additionally sought response from distressed debt funds corresponding to Cerberus, Oaktree Capital and Piramal and Bain Capital three way partnership India Resurgence Fund; international and native non-public fairness companies together with Blackstone, TPG, True North and Arpwood Capital; and monetary providers group Edelweiss.
The record additionally consists of different asset reconstruction corporations, banks, insurers, non-bank finance corporations in addition to monetary know-how companies, the folks stated.
The insolvency proceedings have been initiated after the Reserve Financial institution of India outmoded the corporate’s board on November 30 final yr, citing governance issues.
Deloitte is appearing on behalf of the RBI-appointed administrator of Reliance Capital, Nageswar Rao Y.
The deadline for the submission of expressions of curiosity is now March 25, after it was prolonged as soon as.
Deloitte declined to remark when contacted, whereas Nagewar Rao didn’t reply to a request for remark. SBI Life, Adani, Hero, Aditya Birla Capital, the Naveen Jindal group, Capri International, Cerberus, True North, Arpwood Capital and Edelweiss didn’t reply to queries. HDFC Financial institution, ICICI Lombard and India RF couldn’t be reached for remark, whereas Oaktree Capital, Blackstone and TPG declined to remark.
The administrator is claimed to have obtained 20 EoIs to date. Some potential bidders had indicated their curiosity by the primary deadline of March 11, in accordance with the folks. Monetary collectors of the corporate have filed claims price ₹24,000 crore.
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