Hinduja Group to close RCap deal by Jan-end

Hinduja plans to keep RCap's management intact while it adds new board members

- Gopika Gopakumar

MUMBAI: The Hinduja Group expects to complete the ₹9,861 crore acquisition of Reliance Capital by the end of January, nearly a year after the National Company Law Tribunal (NCLT) approved its rescue plan for the bankrupt lender.

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 to six weeks. Hence, the actual takeover and deal will be closed by the end of January 2025," group chairman Ashok Hinduja told reporters.