Aditya Birla Capital joins race to acquire life insurer Reliance Nippon

Reliance Capital holds 51 per cent stake in RNLIC and Nippon Life of Japan the rest

Aditya Birla Capital, the financial services firm of the Aditya Birla group, has joined the race to buy a 51 per cent stake in Reliance Nippon Life Insurance Company (RNLIC), a unit of bankrupt Reliance Capital. Ahmedabad-based Torrent Group is also in the fray.

The stake is being sold by an administrator appointed by the Reserve Bank of India (RBI). A valuer appointed by the administrator has pegged the embedded value of the life insurance company at Rs 5,800 crore, said a banker close to the transaction.

Reliance Capital holds 51 per cent stake in RNLIC and Nippon Life of Japan the