The acquisition of Anil Ambani‘s debt-ridden Reliance Capital will be completed next month. Hinduja Group will complete the deal next month. Hinduja Group has made big preparations and planning regarding Reliance Capital. The company has made plans to triple its business in these sectors including banking and insurance.
Reliance Capital deal will be completed next month
After a long process, by next month, Hinduja Group’s company IIHL will complete the acquisition of debt-ridden Reliance Capital (R-Cap). A subsidiary of Hinduja Group has acquired Reliance Capital for Rs 9861 crore. There were many problems in the deal, but now it is expected that the deal will be completed next month.
Hinduja Group’s big plan regarding the company Reliance Capital
Hinduja Group has made big preparations regarding the business of Reliance Capital. The plan is to increase the banking, financial services and insurance (BFSI) business by more than 3 times to $ 50 billion in the next 5 years. Hinduja Group company IIHL is expected to complete its acquisition of debt-ridden Reliance Capital (R-Cap) by next month.
It aims to more than triple its banking, financial services and insurance (BFSI) business to $50 billion in the next five years. IIHL Chairman Ashok P Hinduja said, most of the approvals and processes related to the resolution process of Reliance Capital have been completed.
Some processes are yet to be completed by the administrator and the CoC. It is expected that all these will be completed in the next four to six weeks and R-Cap will come under the Hinduja Group by the end of January. He said that with the acquisition of R-Cap, IndusInd International Holdings Limited (IIHL) is targeting a valuation of $50 billion by 2030, while its current valuation is $15 billion (as of September 30, 2024).
Mauritius-based IIHL emerged as the successful contender for the resolution of R-Cap by bidding Rs 9,650 crore. Later, the company paid Rs 200 crore, which was more than the bid amount, to strengthen the insolvency resolution process of R-Cap. The Mumbai bench of the National Company Law Tribunal (NCLT) approved the resolution plan of IIHL on February 27, 2024 and extended the deadline to complete the transaction to January 31, 2025. Input-language
