Ashok Hinduja, Chairman of IndusInd International Holdings Ltd (IIHL), announced on Tuesday that the acquisition of debt-ridden Reliance Capital (RCAP) has been successfully completed. The bid amount has been transferred to lenders, with the management transfer expected to occur on Wednesday.
It is to be noted IIHL emerged as the successful resolution applicant in April 2023, securing the bid for Reliance Capital through the Corporate Insolvency Resolution Process (CIRP) with a winning offer of Rs 9,650 crore.
Hinduja stated that the transaction has been finalised, with the transfer of funds currently in progress. He emphasized that the focus will now shift towards creating value, estimating the conservative value of the Reliance…
