Business EconomyPosted at: Mar 19 2025 5:49PM


IIHL targeting a valuation of USD 50 billion by 2030: Chairman Ashok Hinduja

Kolkata, Mar 19 (UNI) IndusInd International Holdings Chairman Ashok Hinduja has said with the acquisition of Reliance Capital, IndusInd International Holdings Ltd (IIHL) is targeting a valuation of USD 50 billion by 2030.
He announced on Tuesday that the acquisition of Reliance Capital, completing the three-year-long resolution process of the debt-ridden company, according to a media statement here on Wednesday.

IndusInd International Holdings Ltd (IIHL) has transferred the bid amount to the escrow account of the lender, and the takeover of the management from the Administrator will happen on Wednesday.

Mauritius-based IIHL emerged as the successful suitor with a bid of Rs 9,650 crore for the resolution of Reliance Capital (RCAP). Later, the company paid Rs 200 crore to bolster Reliance General Insurance (RGIC) solvency, which was over and above the bid amount.

"The transaction from our side is over. We have worked on this deal for three years. As we are speaking, money is moving from one escrow to another," Hinduja said.

The journey for value creation would now begin, he said, adding that the value of Reliance Capital's insurance business on a conservative basis would be Rs 20,000 crore.
IIHL would complete the review of the entire RCAP business and take a call on the fund infusion required, Hinduja said.

Till the business meets value creation requirements, he said capital infusion would not be an issue.
With regard to subsidiaries, he said there are about 39-40 entities of Reliance Capital and the new management would divest many of them as they are mostly small shell entities with small businesses.

Broking and Asset Reconstruction business will be retained by the new management. RCAP, registered as a core investment company with the RBI, has several entities, including Reliance Nippon Life Insurance, Reliance General Insurance, Reliance Money, Reliance Securities, Reliance Asset Reconstruction, and Reliance Commercial Finance.

Asked about the listing of insurance companies, Hinduja said it may happen after two years of value creation.
The financial services firm has 1.28 lakh employees and the new management would protect the interest of employees to the extent possible, he assured.

With regard to branding, he said, "For three years, we can continue with the same name as per the NCLT approval but we are keen to promote the IndusInd brand and professional agencies are working on blending the brand for campaign post-acquisition."

Citing the latest NCLT direction, he said it advised all parties to complete procedural issues for the ownership transfer to IIHL by March 20. The National Company Law Tribunal, in its last hearing, had asked all parties to ensure completion of the implementation process by March 20 while posting the matter for further hearing on March 25, 2025.

In April 2023, IIHL emerged as the successful resolution applicant by winning the bid for Reliance Capital under the Corporate Insolvency Resolution Process (CIRP) with an offer of Rs 9,650 crore. Last year, IIHL secured all requisite regulatory approvals from the Reserve Bank of India (RBI), the Insurance Regulatory and Development Authority of India (IRDAI), and relevant stock and commodity exchanges.

The central bank appointed Nageswara Rao Y as the administrator, who subsequently invited bids for the company's takeover in December 2021.


UNI SJC BM
Please log in to get detailed story.
Tags: #IIHL targeting a valuation of USD 50 billion by 2030: Chairman Ashok Hinduja
More News
Actress Parvathy Nair launches CoBeing-Skin Glow Collagen

Actress Parvathy Nair launches CoBeing-Skin Glow Collagen

19 Apr 2025 | 3:08 PM

Chennai, Apr 19 (UNI) The Co Being, a leading player in health and wellness space, on Saturday
launched its flagship project Skin Glow Collagen featuring popular film actress Meena.

see more..

Japan-based NTT DATA to set up Rs 10K Cr AI Data center cluster in Telangana

18 Apr 2025 | 7:21 PM

Hyderabad/ Tokyo, Apr 18 (UNI) In a landmark move to accelerate India’s AI infrastructure, Japan based NTT DATA, a global leader in digital transformation and IT services, and Neysa Networks, an AI-first cloud platform company, have signed a tripartite Memorandum of Understanding (MoU) with the Government of Telangana to establish a AI Data Center Cluster in Hyderabad , the state capital of Telangana, with a huge investment of Rs 10,500 crore.

see more..
Toshiba signs MoU with Telangana Govt

Toshiba signs MoU with Telangana Govt

18 Apr 2025 | 7:12 PM

Hyderabad/Tokyo, Apr 18 (UNI) Apr 18 (UNI) The Toshiba Transmission Distribution Systems (India) Private Limited (TTDI), a wholly-owned subsidiary of Toshiba Corporation, Japan, and a global leader in the supply of Transmission cum Distribution (TCD) equipment for both conventional and renewable energy sources, has signed a Memorandum of Understanding (MoU) with the Government of Telangana to establish a new manufacturing facility for Surge Arresters and expand its existing manufacturing facilities for Power and Distribution transformers and Gas Insulated Switchgear (GIS) at its Rudraram plant, outskirts of Hyderabad, in Telangana.

see more..
AP: Pralhad Joshi visits Greenko’s Integrated Renewable Energy Project in Pinnapuram

AP: Pralhad Joshi visits Greenko’s Integrated Renewable Energy Project in Pinnapuram

18 Apr 2025 | 6:38 PM

Pinnapuram (Andhra Pradesh), Apr 18 (UNI) Union Minister of New and Renewable Energy Pralhad Joshi visited Greenko’s largest GW-scale Integrated Renewable Energy Project here on Friday.

see more..

UP govt to set up Invest UP offices in three metro cities

18 Apr 2025 | 6:21 PM

Lucknow, Apr 17 (UNI) In a push towards transforming Uttar Pradesh into a 1 trillion dollar economy, the state government is set to establish Invest UP offices in three of India's major metro cities, including New Delhi, Mumbai and Bengaluru, official sources said here on Friday.

see more..