IIHL completes acquisition of Reliance Capital, insurance units of debt-ridden firm to be listed in 2-3 years
IndusInd International Holdings Ltd (IIHL)’s Chairman Ashok P. Hinduja on March 18, announced the acquisition of Reliance Capital, completing the three-year-long resolution process of the debt-ridden company. According to news agency PTI, IIHL has transferred the bid amount to the escrow account of the lender, and the management takeover from the Administrator will take place on March 19.
According to news agency Reuters, IIHL said it will list the insurance units of Reliance Capital in two to three years, after it completed the transaction to buy the financial services firm. Mauritius-based IIHL emerged as the successful suitor with a bid of ₹9,650 crore for the resolution of Reliance Capital (RCAP).
