DPIIT gives nod to Hinduja Group firm IIHL for acquisition of Reliance Capital
Hinduja Group firm IIHL for acquisition of debt-ridden Reliance Capital Ltd (RCAP), sources said. DPIIT approval was required as some of the shareholders of IndusInd International Holdings Ltd (IIHL) are residents of Hong Kong, a special administrative region controlled by China.
According to Press Note 3, if an entity from a nation sharing a land border with India (China, Bangladesh, Pakistan, Bhutan, Nepal, Myanmar, and Afghanistan), or if a citizen or permanent resident of any such country is the beneficial owner of an investment in India, they are required to pursue investment through the government approval route.
According to sources, the green signal from the DPIIT will help take forward the resolution plan submitted by Mauritius-based IIHL, which emerged as the successful bidder by submitting Rs 9,861-crore bid for the debt-ridden financial firm.
The NCLT Mumbai on February 27, 2024, approved IIHL's resolution plan.
DPIIT approval was part of the resolution plan which was put to vote and approved by 99.96 per cent of the Committee of Creditors (CoC).
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