 "Reliance Capital")
The Insurance Regulatory and Development Authority (Irdai) has written to Reliance Capital’s administrator flagging concerns over Piramal Group’s bid for the firm, pointing out that the latter already has a promoter stake in a life insurance firm and cannot pick up a similar stake in another life insurer.
With the acquisition of DHFL last year, Piramal Group has a promoter stake in Pramerica Life Insurance, and if it acquires RCap it would also become the promoter of Reliance Nippon Life Insurance.
In the letter dated May 12, Irdai said: “Since Reliance Capital is the holding company and promoter of Reliance
