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India: 2 bidders join forces to acquire Reliance General Insurance

Piramal Financial and Zurich Insurance, which have submitted separate bids for the general insurance business of debt-laden Reliance Capital, have decided to form a joint venture to bid for the business.

Piramal and Zurich would hold 50% each in the proposed joint venture company, reported the Indo-Asian News Service.

If this proposed JV succeeds in the acquisition, it will mark the entry of Zurich Insurance into India’s general insurance business market.

Three prospective investors — Piramal Finance, Zurich , and US-based asset management firm Advent — have submitted bids of INR36bn, INR37bn and INR70bn respectively solely for Reliance General Insurance.

Reliance Capital has received 14 non-binding bids. Six companies had submitted bids for the entire company, while the rest of the bidders had submitted bids for its multiple subsidiaries.


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