M&A

M&A

Piramal, Zurich Insurance join hands to bid for Reliance General Insurance at Rs.3,600-Cr valuation

Business Standard  

The Piramal Group and Zurich Insurance have decided to jointly bid (through a 50-50 SPV) for Reliance General Insurance, a subsidiary of the bankrupt ADA Group firm Reliance Capital. The groups had earlier submitted separate bids. According to the indicative bids submitted at the end of August, Piramal had valued Reliance Capital's general insurance business at INR 3,600 crore, while Zurich Insurance had quoted an indicative bid of Rs 3,700 crore. The third bidder, Advent, had submitted the highest offer of Rs 7,000 crore for RGIC.