Reliance General Insurance seeks Rs 600 crore from bankrupt parent

Profit-making subsidiary's request complicates matters for Reliance Capital's lenders that have to decide matter Friday

Reliance General Insurance, a profit-making subsidiary of bankrupt Reliance Capital, has sought Rs 600 crore as capital infusion from its parent before December’s end to deal with solvency margin requirements.

Reliance Capital’s lenders have to decide the matter on Friday: a task made difficult as it undergoes the bankruptcy process that saw bidders showing interest in the insurance arms of the company. Bidders will have to recalculate their offers made in the binding bids for the additional Rs 600 crore requirement of the general insurance arm.

In a letter to Reliance Capital’s bankruptcy administrator, the insurance firm said the fund