Hinduja Group starts rebranding Reliance Capital, operating units
The Hinduja Group has started the process of rebranding Reliance Capital (RCap) and its operating companies, following the successful bid of the debt-laden firm, as it awaits final regulatory approvals.
Under the rebranding exercise, RCap, the holding company, would be renamed as IndusInd Insurance Holding Company, which is in sync with the group’s strategy of focusing only on the acquired firm’s insurance businesses. Further, Reliance Nippon Life Insurance Company (RNLIC) will be rebranded as IndusInd Nippon Life Insurance Company, sources close to the development said.
Reliance General Insurance Company (RGICL) will be rechristened as IndusInd General Insurance Company, they said.
Similarly, Reliance Health Insurance will be renamed as IndusInd Health Insurance, sources said, adding that the Hinduja Group is getting into the execution mode. Hinduja Group had bid for RCap through a group firm, IndusInd International Holdings (IIHL).
On February 27, the National Company Law Tribunal (NCLT) had approved the resolution plan submitted by IndusInd International Holdings Ltd (IIHL), the firm through which the Hinduja Group – the successful applicant for debt-laden firm – had placed its bids for RCap.
IIHL now needs to get approval of the Securities and Exchange Board of India (Sebi), Reserve Bank of India (RBI) and the Insurance Regulatory and Development Authority of India (IRDAI) for completion of the resolution process.
