Piramal, Zurich Insurance to bid jointly for Reliance General Insurance

Administrator pegs general insurance arm valuation at Rs 9,450 crore

The Piramal group and Zurich Insurance have decided to jointly bid for Reliance General Insurance, a subsidiary of Reliance Capital. The groups had earlier submitted separate bids for the general insurance business of bankrupt Reliance Capital.

Both Piramal and Zurich will hold 50 per cent each in the proposed special purpose vehicle (SPV). The SPV would make the bid for the company, with Rs 75 crore earmarked as deposit.

Bankers said the success of the proposed SPV in buying RGIC will mark Zurich Insurance’s entry in India's general insurance business.
 

According to the indicative bids submitted at the end of