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Anil Ambani's bankrupt company, once worth Rs 93,851 crore, to be sold for...
In April, Hinduja Group company IIHL placed the best bid of Rs 9,650 crore in the second round of the auction to acquire Anil Ambani's Reliance Capital.
Updated : Nov 20, 2023, 02:58 PM IST | Edited by : Maitry Kothari
 "Anil Ambani's bankrupt company, once worth Rs 93,851 crore, to be sold for...")
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Anil Ambani, the younger brother of Mukesh Ambani, who was once the richest man in India, is set to sell his company Reliance Capital. The resolution plan for Reliance Capital, the heavily indebted corporation of Anil Ambani, has been accepted by the Reserve Bank of India (RBI). This has paved the way for Hinduja Group company IndusInd International Holdings Limited (IIHL) to acquire the company.
The RBI has granted the corporation a nod of approval to act as Reliance Capital Limited's administrator. After the approval, the way has opened for IIHL, a Hinduja Group company to acquire Reliance Capital.
IIHL placed the highest bid of Rs 9,650 crore in the second round of the auction to acquire Reliance Capital.
Why did RBI dissolve Anil Ambani's Reliance Capital board?
On November 29, 2021, the RBI dissolved the Reliance Capital board because of payment defaults and significant governance problems.
Reliance Capital is a financial services company. It provides personal and business loans, insurance, investments and other financial services. The company went bankrupt in 2021.
Nageswara Rao Y was named administrator by RBI in relation to the company's corporate insolvency resolution procedure (CIRP). The RBI filed for bankruptcy under the IBC against Reliance Capital, the third-biggest NBFC company in the country. The central bank later filed an application in the Mumbai bench of the National Company Law Tribunal to initiate CIRP against the company.
Hinduja Group will be able to increase its footprint in the Indian financial services industry thanks to the acquisition. The group already owns a number of Indian financial services firms, such as Hinduja Bank, Hinduja AMC, and Hinduja Life.
Reliance Capital owns roughly twenty financial services firms. These consist of an ARC, insurance, and securities broking. With an offer of Rs 8,640 crore, Torrent Investment had placed the highest bid in the initial round. Reliance Capital informed its investors in September 2021 that the company owed over Rs 40,000 crore in debt.
Anil Ambani's company went through huge losses from its value being Rs 93,851 crore in 2018 to the man himself declaring bankrupt a few years ago. Lenders are expected to get Rs 10,000 crore after the sale of the company.
