Aditya Birla Capital receives nod to bid for Reliance Nippon Life Insurance

The Committee of Creditors (CoC) of Reliance Capital has approved a proposal by Aditya Birla Capital to bid for Reliance Nippon Life Insurance Company. The approval would accelerate Reliance Capital's ongoing bankruptcy process. A valuer appointed by the administrator for Reliance Capital's insolvency proceedings had estimated the embedded value of the life insurance company at ₹5,800 crore.