Hinduja Group firm hopes to take over RCAP by Jan-end; triple fin services biz to USD 50 billion in 5 years
Hinduja Group company IIHL is expecting to complete the acquisition of debt-ridden Reliance Capital (RCAP) by next month and aims to ramp up banking, financial services, and insurance (BFSI) business more than three-fold to USD 50 billion in the next five years.
«Most of the approvals and procedures related to the resolution process of Reliance Capital are complete. Couple of the procedures at the end of the administrator and CoC are to be completed. We hope that all these will be over in the next 4-6 weeks and RCAP should come into the fold of Hinduja Group by the end of January,» IIHL Chairman Ashok P Hinduja said.
With the acquisition of RCAP, he said IndusInd International Holdings Ltd (IIHL) is targeting a valuation of USD 50 billion by 2030 as against the current valuation of USD 15 billion (as on September 30, 2024).
Mauritius-based IIHL emerged as the successful suitor with a bid of Rs 9,650 crore for the resolution of RCAP. Later, the company paid Rs 200 crore to bolster RCAP solvency, which was over and above the bid amount.
The National Company Law Tribunal (NCLT), Mumbai, on February 27, 2024, approved IIHL's resolution plan and subsequently extended the deadline for completion of the transaction to January 31, 2025.
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