A number of bidders, including Blackstone, HDFC Ergo General Insurance, ICICI Lombard General Insurance, Adani Finserve and Tata AIG General Insurance, are understood to have pulled out of the race for Reliance Capital.

According to sources, only a few companies continue to be actively engaged with the RBI-appointed Administrator of Reliance Capital, as part of the resolution proceedings.

The consortium, led by Piramal Enterprises, YES Bank and Torrent Investment, are understood to be still in discussions and are engaged with the Administrator. The three had put in bids for both the options — the entire Reliance Capital — as well as business clusters of the group.

Meanwhile, under the second option, Zurich Insurance continues to show interest for the general insurance cluster, while Cholamandalam Investment and Finance Company is still keen on the life insurance cluster.

As many as 54 entities had put in bids for debt ridden Reliance Capital as part of its on going insolvency proceedings.

However, a number of bidders had been concerned over various provisions for the bidding, including all cash bids getting top priority, and companies, which has bid for the clusters, having to form a consortium among themselves and then put in a bid for the whole company.

The Committee of Creditors of Reliance Capital also decided previously to extend the timeline for the resolution process by another two moths to November 2, as some prospective bidders had sought additional time for the submission of their resolution plans.  

The timeline had been previously extended by 90 days from June 3 to September 2.