Anil Ambani’s Reliance Capital acquisition is completed, IIHL Chairman Ashok Hinduja shares major updates
Reliance Capital’s new owners share their future plans and list timetables, among other things.
Rely on Capital News: Indusind International Holdings Ltd (IIHL), led by the Hinduja Group, has finally completed the acquisition of Reliance Capital, a debt-ridden company in Anil Ambani. IIHL Chairman Ashok Hinduja told Tuesday that the deal for the RCAP acquisition was over. As part of the deal, IIHL has paid Rs 5,6 billion to Reliance Group Chairman Ambani’s bankruptcy-dependent capital creditors. Therefore, the three-year settlement process of the debt-debt company has ended. The acquisition of administrators from administrators will be held on Wednesday.
Listing on capital
The company’s new owners share their future plans and set up timetables, among other things. Hinduja said Reliance general insurance and reliance on Nippon Life will be available for public listing within 2-3 years. He added that the word “Reliance” will be removed. Reliance Capital has approximately 1,28,000 employees.
“Reliance Capital has more than 30 Shell companies, we can only stick to the insurance company and will likely withdraw from other companies,” Hinduja said at a press conference in Mumbai. Hinduja, the promoter of Indusind Bank, added that the board will make a final call on the matter.
Earlier, NCLT recommended that all parties ensure that the implementation process is completed by March 20, while approving the issue and publishing it to March 25, 2025. On March 25, 2025. In January this year, IIHL received all necessary regulatory approvals from RBI, and obtained the Indian Insurance Regulatory Authority and Development Agency (IRDAI) (IRDAI) and related stock and commodity exchanges.
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RCAP Resolution Plan
In April 2023, IIHL became a successful settlement applicant, winning a capital-dependent bid under the Corporate Bankruptcy Resolution Process (CIRP) of the Bankruptcy and Insolvency Act (IBC) and offering a quotation of Rs 965 million. Reliance Capital has been under the management of the RBI appointed government since November 2021 due to governance errors and payment defaults related to the Anil Dhirubhai Ambani Group. The central bank appointed Nageswara Rao Y as an administrator and later invited the company to acquire it in February 2022.
