IndusInd International Holdings Ltd (IIHL), the Hinduja Group company that submitted the resolution plan, said it has received all regulatory approvals, including from the Department for Promotion of Industry and Internal Trade (DPIIT), to complete the acquisition.
"The administrator and the committee of creditors (CoC) have to complete certain procedural formalities such as delisting of equity and non-convertible debentures, creation of trust for transfer of excluded assets, capital reduction, release of all charges on assets of Reliance Capital etc. This will take around four-six weeks. Hence, the actual takeover and deal will be closed by the end of January 2025," group chairman Ashok Hinduja told reporters.
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