 "mergers, company, deals, path, investment")
Talks between the Aditya Birla group and Nippon Life to merge Birla Sun Life and Reliance Life have collapsed -- just weeks before the deadline to make final bids for Reliance Capital ends.
Aditya Birla group was planning to bid for 51 per cent stake of Reliance Capital’s (RCap's) stake in Reliance Nippon Life Insurance Company (RNLIC), a 51:49 per cent joint venture.
Banking sources said Irdai guidelines make it clear that no cross holding are allowed between two insurers.
The only solution was to merge between Birla Sun Life and Reliance Nippon Life. In such an eventuality, Nippon Life
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