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Acquisition of RCAP completed by IndusInd International Holdings: Ashok Hinduja

Business Today

Business Today · 5m ago

Acquisition of RCAP completed by IndusInd International Holdings: Ashok Hinduja

IndusInd International Holdings Ltd, led by Chairman Ashok Hinduja, has completed the acquisition of Reliance Capital (RCAP) through the Corporate Insolvency Resolution Process (CIRP) with a winning bid of Rs 9,650 crore. The acquisition, secured in April 2023, plans to potentially publicly list Reliance General Insurance and Reliance Nippon Life in 2-3 years, rebrand within 6-9 months, and continue with IndusInd Bank as their preferred bancassurance partner.

Related News

NCLT allows RCap administrator's plea on implementation of resolution plan

Livemint

Livemint · 1y ago

NCLT allows RCap administrator's plea on implementation of resolution plan

The National Company Law Tribunal (NCLT) has granted permission to Reliance Capital's administrator to seek directions for the completion of payment by IndusInd International Holdings Ltd, as per the approved resolution plan. This comes after concerns were raised about the implementation of the plan. The resolution plan by Hinduja Group's IndusInd International Holdings worth ₹9,650 crore was approved last month, but pending regulatory approvals have delayed the process. The NCLT's directive highlights the importance of adhering to approved timelines in insolvency and bankruptcy proceedings.

Targeting $50 bn valuation for IIHL's BFSI portfolio by 2030; hopeful of quick IRDAI nod for RCap buyout: Ashok Hinduja

Money Control

Money Control · 1y ago

Targeting $50 bn valuation for IIHL's BFSI portfolio by 2030; hopeful of quick IRDAI nod for RCap buyout: Ashok Hinduja

IIHL Chairman Ashok Hinduja has revealed plans to expand the firm's para banking portfolio, targeting a valuation of $50 billion by 2030. IIHL recently acquired a majority stake in Invesco AMC’s India arm and is the promoter of IndusInd Bank. Hinduja also mentioned that IIHL is open to further acquisitions both within and outside India. The company is currently awaiting approvals for the acquisition of Reliance Capital. Hinduja is hopeful that approval will be granted by the insurance sector regulator in the coming weeks. IIHL is also planning to increase its stake in IndusInd Bank, pending regulatory approvals.

Implementation of RCap resolution plan by 31 March deadline untenable: IIHL

Livemint

Livemint · 1y ago

Implementation of RCap resolution plan by 31 March deadline untenable: IIHL

IndusInd International Holdings, part of the Hinduja Group, has stated that implementing the resolution plan for bankrupt Reliance Capital by 31 March is unrealistic and unimaginable. The National Company Law Tribunal had ordered IndusInd to execute the plan by the end of March and complete payment by 28 May. While affirming its commitment to adhering to the order, IndusInd urged stakeholders to collaborate promptly for remaining approvals. The plan, approved by lenders, requires implementation within 90 days of the order.

RCap resolution: NCLAT seeks Hinduja’s reply on lenders’ plea to forfeit equity | Mint

Livemint

Livemint · 11m ago

RCap resolution: NCLAT seeks Hinduja’s reply on lenders’ plea to forfeit equity | Mint

The National Company Law Appellate Tribunal (NCLAT) has issued notice to IndusInd International Holdings Ltd (IIHL), a Hinduja Group company, regarding a plea filed by lenders of Reliance Capital seeking forfeiture of ₹2,750 crore of equity if IIHL fails to implement the resolution plan. The lenders are also seeking interest payment on the debt component of ₹7,300 crore. The matter will be heard on 30th September. The lenders have been at odds with Hinduja Group over the implementation of the plan, which involves IIHL taking over Reliance Capital for ₹9,861 crore.

IndusInd Bank: Promoters will infuse capital into bank if and when required, says Ashok Hinduja

Business Today

Business Today · 5m ago

IndusInd Bank: Promoters will infuse capital into bank if and when required, says Ashok Hinduja

Ashok Hinduja, Chairman of IndusInd International Holdings Ltd (IIHL), stated that the promoters are committed to infusing capital into IndusInd Bank as and when needed. This support underscores the confidence in the bank's growth potential and financial health. Hinduja's assurance portrays a willingness to back the bank, ensuring it remains robust and well-capitalized to handle future opportunities and challenges, reinforcing stakeholders' trust in its stability and strategic direction.

Grapevine: IndusInd, Tenet Diagnostics, Pepperfry, Plush look to raise capital

VCCircle

VCCircle · 2m ago

Grapevine: IndusInd, Tenet Diagnostics, Pepperfry, Plush look to raise capital

Several companies, such as IndusInd Bank promoter IIHL, Tenet Diagnostics, Pepperfry, and Plush, are aiming to raise new capital to aid their expansion and growth strategies. IndusInd International Holdings Ltd, part of the Hinduja Group and promoter of IndusInd Bank, is in preliminary talks with global long-term investors.

NCLT approves Hinduja Group’s resolution plan for Reliance Capital takeover

Thehindubusinessline

Thehindubusinessline · 1y ago

NCLT approves Hinduja Group’s resolution plan for Reliance Capital takeover

The National Company Law Tribunal (NCLT) has approved IndusInd International Holdings' resolution proposal for acquiring Reliance Capital. The Hinduja Group company has been given 90 days to implement the resolution, pending regulatory and other approvals. The proposal includes an upfront cash payment of ₹9,650 crore and an additional amount for the benefit of the creditors. The transaction is subject to approval from several regulatory authorities, including the RBI, SEBI, IRDAI, and CCI. Once completed, Hinduja Group will own the majority shares in Reliance Capital, which will no longer be listed on the stock exchange.

IndusInd Intl Holdings forms JV with Invesco Mutual Fund

Livemint

Livemint · 1y ago

IndusInd Intl Holdings forms JV with Invesco Mutual Fund

IndusInd International Holdings, led by the Hinduja brothers, has agreed to acquire a 60% stake in Invesco Asset Management India to form a joint venture. Invesco Mutual Fund will retain a 40% stake. The deal terms were not disclosed. The acquisition is part of IIHL's vision to become a BFSI powerhouse. IIHL's investment portfolio includes IndusInd Bank and other assets in the capital markets and wealth management sectors. Invesco Mutual Fund entered the Indian market in 2008 by acquiring the mutual fund assets of Lotus India Asset Management.

NCLT directs RBI, DIPP to expedite approvals for Hinduja’s takeover of Reliance Capital | Mint

Livemint

Livemint · 1y ago

NCLT directs RBI, DIPP to expedite approvals for Hinduja’s takeover of Reliance Capital | Mint

The National Company Law Tribunal (NCLT) has directed the Reserve Bank of India (RBI) and the Department of Industrial Policy and Promotion (DIPP) to expedite approvals for the acquisition of Reliance Capital by IndusInd International Holdings Ltd (IIHL), owned by Hinduja group. The NCLT emphasized the importance of these approvals for the release of funds as part of the resolution plan. The Hindujas had requested an extension to navigate the complexities of the plan's execution. Various approvals from regulatory bodies like Sebi and Irdai also require renewal. The next hearing is scheduled for 28 August.

Hinduja Group eyes strategic investments in EVs, energy and banking in Uttar Pradesh

Economic Times

Economic Times · 1m ago

Hinduja Group eyes strategic investments in EVs, energy and banking in Uttar Pradesh

Hinduja Group is exploring strategic investments in electric vehicles (EVs), renewable energy, and banking in Uttar Pradesh. During a high-level meeting, group companies like IndusInd Bank, Gulf Oil, and Ashok Leyland presented investment plans. Ashok Leyland is finalizing an EV bus facility, while Gulf Oil proposes a robust EV charging network. The initiative aligns with Uttar Pradesh's economic aspirations, including becoming a USD 1 trillion economy. IndusInd Bank and NXTDIGITAL emphasized expanding digital and financial services in the region.

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