Anil Ambani Group cos put on the block by debenture holders committee to recover dues; EOIs invited by December 1

Lenders to Anil Ambani-led Reliance Capital Limited (RCL) have kick-started the process to sell its key assets to recover dues of almost Rs 20,000 crores, multiple people aware of the development told CNBC-TV18.

A committee of debenture holders (CoDH), representing 93 percent of RCL’s debt, on Saturday issued documents to invite Expressions of Interest (EOIs) for several of its subsidiaries. The deadline to submit EOIs ends at 5 pm on December 1, 2020, as per the bid document reviewed by CNBC-TV18.

Expressions of Interest have been invited for all or part of RCL’s stake in these subsidiaries. This includes 100 percent stake in Reliance General Insurance, 51 percent stake in Reliance Nippon Life Insurance Company Limited, 100 percent stake in Reliance Securities Limited, 100 percent stake in Reliance Financial Limited, 49 percent stake in Reliance Asset Reconstruction Company, 20 percent stake in Indian Commodity Exchange, 100 percent stake in Reliance Health Insurance Limited, and other private equity investments made by RCL in Naffa Innovations Pvt Ltd, PayTM E-commerce, etc.