Torrent wins race to acquire RCap with Rs 8,640 crore offer to lenders

Set to foray into financial services sector with the acquisition

Ahmedabad-based Torrent group has won the race to acquire Reliance Capital after making an offer of Rs 8,640 crore for the company in an auction held on Wednesday.

The offer was made by the promoter entities of the Torrent group. According to banking sources, the Hinduja group also participated in the auction with an offer of Rs 8,150 crore but was beaten by Torrent. Cosmea-Piramal and Oaktree did not participate in the race.

This would help Torrent foray into financial services as it will acquire 100 per cent stake in Reliance General Insurance, and get 51 per cent stake in Reliance Nippon