DPIIT approves RCap's acquisition by IndusInd International Holdings
The Department for Promotion of Industry and Internal Trade (DPIIT) has approved the ₹10,000-crore acquisition of Anil Ambani-promoted Reliance Capital by Hinduja Group-backed IndusInd International Holdings (IIHL), sources familiar with the development told ET.
With this approval, all regulatory clearances required to finalise the transaction are now in place, said sources.
IIHL had already secured approvals from the Reserve Bank of India (RBI), the Insurance Regulatory and Development Authority of India (IRDAI), and stock and commodity exchanges earlier this year.
The DPIIT approval was particularly critical as the Hinduja Group must close the transaction by November 30, a deadline that was later extended to January 31, 2025. Failure to meet the deadline would require the group to return ₹3,000 crore raised from high-net-worth individuals (HNIs), ultra-HNIs, and family offices for the deal. The resolution plan will be funded through ₹7,300 crore in borrowings and ₹2,750 crore in equity.
