NEW DELHI: 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 $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 $50 billion by 2030 as against the current valuation of $15 billion (as on September 30, 2024).
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