DPIIT approves RCap's acquisition by IndusInd International Holdings
Trade (DPIIT) has approved the ₹10,000-crore acquisition of Anil Ambani-promoted Reliance Capital by Hinduja Group-backed IndusInd International Holdings (IIHL), sources familiar with the development told ET.
With this approval, all regulatory clearances required to finalise the transaction are now in place, said sources.
IIHL had already secured approvals from the Reserve Bank of India (RBI), the Insurance Regulatory and Development Authority of India (IRDAI), and stock and commodity exchanges earlier this year.
IIHL did not respond to queries from ET.
IIHL emerged as the successful resolution applicant in April 2023 for acquiring the troubled financial services firm under the Corporate Insolvency Resolution Process (CIRP) of the Insolvency and Bankruptcy Code (IBC). The company won the bid at ₹9,650 crore in April 2023.
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