Piramal, IndusInd, Oaktree, and Cosmea are Considering a Bid for Reliance Capital

According to two people familiar with the situation, a Piramal group-led consortium, IndusInd International, Oaktree Capital, and Cosmea Financial are among resolution applicants actively considering a bid for Reliance Capital as a whole.

Nageshwara Rao Y, the administrator of Reliance Capital, has given potential applicants the option of bidding for the entire company or submitting plans for individual subsidiaries. According to the sources, Advent International is actively considering submitting a plan for both the life and non-life insurance businesses.

According to the same sources, Yes Bank and True North Fund are likely to make separate bids for the life insurance unit, while Blackstone and Zurich Insurance are likely to bid separately for the general insurance arm. "Although the administrator has yet to receive resolution plans, he has compiled a list of investors who have expressed an active interest in the bankrupt company," one of the individuals cited above said.

The creditors' committee has extended the deadline for receiving resolution plans from July 31 to August 12. Those who have already submitted resolution plans can revise them until September 11, according to a third person familiar with the situation.  Sam Ghosh, Cosmea Financial Holdings' founder and promoter, led Reliance Capital for nearly nine years until 2017. The consortium led by Piramal consists of two funds, India Resurgence Fund, and PEL Finhold Pvt.