Piramal, Zurich Insurance may bid separately for Reliance General Insurance

Piramal, Zurich Insurance may bid separately for Reliance General Insurance

Piramal Group (Piramal) and Zurich Insurance Group (Zurich) are likely to make separate bids for Reliance General Insurance Company (RGIC) ahead of next week’s deadline after talks for a joint bid fell through.

Both Piramal and Zurich had submitted separate expressions of interest (EoIs) for the general insurance business of the bankrupt Reliance Capital (RCap).

Both Piramal and Zurich, which had submitted separate non-binding bids for the general insurance business of RCap in August, had earlier planned to hold 50 per cent each in the proposed special purpose vehicle.

Piramal had valued RCap’s general insurance business at Rs 3,600