USA's Advent may leave race for Reliance Capital general insurance arm

PE firm previously submitted the highest non-binding bid for the business

US-based private equity (PE) major Advent International is unlikely to make a binding bid for the general insurance arm of Reliance Capital, after it put up a Rs 7,000 crore non-binding offer this August.

Advent lost interest due to the regulatory requirement of a five-year lock- in for private equity investments in an Indian insurance company and its high bid compared to its rival bidders, said bankers. Binding bids for Reliance Capital’s assets close by this month’s end.

In the first round, Advent submitted the highest non-binding bid for the general insurance arm–almost double the amount offered by the two