Anil Ambani’s debt-ridden Reliance Capital may soon be acquired by Hinduja Group’s IndusInd International Holdings Limited (IIHL) after a green signal from Insurance Regulatory and Development Authority of India (IRDAI). As the Hinduja Group’s IIHL awaits green signal from IDRAI for Rs 9650 crore buyout of Anil Ambani’s Reliance firm, the company’s chairman Ashok Hinduja has revealed ambitious expansion plans. IIHL recently forayed into the asset management space after buying a majority of stake in US-based Invesco AMC’s India arm. As per a report by MoneyControl, Ashoka Hinduja now aims to expand IIHL’s para banking portfolio which is targeting a valuation of Rs 416930 crore by 2030.
The new valuation target of Rs 4169300000000 by 2030 is 25% more than the previous one set by the company. For those who are unaware, Anil Ambani’s Reliance Capital secured a buyout offer of Rs 9650 crore from IIHL a few months ago. Hinduja Group’s firm has now received clearance from SEBI, CCI (Competition Commission of India) and RBI. It now awaits a nod from IRDAI for Reliance Capital acquisition. It is noteworthy that the National Company Law Tribunal (NCLT), Mumbai, while approving the resolution plan on February 27, had directed IIHL to implement the resolution plan within 90 days i.e. by May 27.
"I am hopeful that the approval will come as quickly as possible. Normally, the approval process takes two to three months. The original information (application) was submitted in November, 2023. So, if we check the timeline, we'd say that the IRDAI was provided with whatever information they required, right from November onwards. So, I think they would move fast with the approval process. If you ask me, are we ready for the 27th? We are ready for even 15th May." Hinduja said to MoneyControl about the IRDAI nod.
