Anil Ambani, the younger brother of India’s richest man Mukesh Ambani, is on the rise again. Once the sixth richest man in the world, Anil Ambani declared bankruptcy at UK court in 2020. However, things are now changing in his favor as his Reliance Power is touching new heights on the stock market after paying debts of three major banks. Anil Ambani's Reliance Capital also secured a Rs 9650 crore buyout offer from Hinduja Group’s IndusInd International Holdings. Currently under IRDAI scrutiny, the Hinduja Group is reportedly in talks with three Japanese banks - Mizuho, SMBC and MUFG to borrow Rs 8000 crore to acquire Anil Ambani’s Reliance Capital under the bankruptcy code. Although people are aware of Anil Ambani and Reliance Capital, not many know about the Hinduja brothers who made it big while staying away from the media spotlight.
Hinduja brothers are involved in a wide range of businesses ranging from trucks and lubricants to banking and cable television through subsidiaries of Hinduja Group. As per Forbes, the Hinduja family currently has a net worth of Rs 166612 crore. The Hinduja brothers include four siblings -- Srichand, Gopichand, Prakash and Ashok. All four of the Hinduja brothers together spearheaded the massive conglomerate that was founded by their father Parmanand Deepchand Hinduja in 1914. Giving a push in the financial sector, the Hinduja Group offered Rs 9650 crore to acquire debt-ridden Reliance Capital owned by Mukesh Ambani's brother Anil Ambani.
As per a previous report by the Economic Times, Hinduja Group aims to secure Rs 8000 crore loan before the May 27 deadline set by a bankruptcy court to close the deal. Hinduja Group wants five year loans at an interest cost of 8-9% a year. The report suggests that Japanese banks will likely derive comfort from Reliance Capital's partnership with Nippon Life. For those who are unaware, the two together run a life insurance joint venture in India.
Gopichand Hinduja is currently the chairman of the group. He took the position after his older brother Srichand Hinduja died in May 2023. Hinduja Group had a headquarter in Iran until 1979, when the Islamic Revolution forced it to move to Europe. Srichand Hinduja and his brother Gopichand moved to London in 1979 to develop the export business. Prakash manages the group's operations in Geneva, Switzerland while the youngest brother, Ashok, oversees the Indian interests.
The group employs over 200,000 people and has offices in many major cities around the world including in India. In 2017, Srichand and Gopichand Hinduja were described as the wealthiest men in Britain.
