RCAP acquisition by Indusind International Holdings: Ashok Hinduja

Ashok Hinduja, Chairman of the Industals International Holdings Ltd (IIHL), announced on Tuesday that the acquisition of the Capital Rillance Capital (RCAP) had been successfully completed. The amount of the tender was transferred to the lenders, with the expected transfer of the administration to be transferred on Wednesday.

It should be noted that IIHL appeared as a successful applicant for the decision in April 2023, where he received the Rellece Capital show through the CIP settlement with a winning offer of 9,650 rupees.

Hinduja has stated that the treatment has been completed, with the current funds being transferred. He emphasized that the focus will now turn towards creating value, with the estimation of the conservative value of the company Rellece Capital Tense 20,000 rupees.

Hinduja added that IIHL will conduct a comprehensive review of one of the entire RCAP work to determine the leakage of the fund necessary to move forward.

“The treatment on our part has ended. We are talking, money moves from one guarantee to another,” Handa said at a media conference.

He added: “Relination Capital has more than 30 shell companies, and we will only adhere to insurance companies and we are likely to get out of the rest of the companies.”

Hinduja stated that the Board of Directors will make the final decision on the issue.

General listing

Hinduja has presented an update on the Possible Public Insurance List and the Relination Nippon Life during the next 2-3 years, with plans to remove the brand “accreditation”. Relination Capital, which is currently employing about 1,28,000 individuals, is undergoing a review to select 39-40 units after the acquisition.

The final decision regarding the units held by the Board of Directors will be taken, as Hinduja reveals the intentions of the exit from the RCAP units regardless of the mediation process and rebuilding assets. The entity will only retain mediation and poor loans.

Moreover, Hinduja revealed that Indusind is the preferred option for insurance, with no plans to additional bank shares to acquire the Rellence Capital.

During the press conference on Tuesday, Hinduja stated that the debts of the acquisition will be paid through an initial general offer (IPO). He also stated that RCAP operations are expected to be completed to Indusind within 6-9 months. In addition, the new Rellence Capital’s new management will develop fundraising strategies for the insurance sector.

Earlier this year, IIHL succeeded in obtaining all the necessary organizational approvals from the Indian Reserve Bank (RBI), the Insurance and Development of India (IRDAI), as well as from stock exchanges and relevant commodities.

Relination Capital was placed under his administration by RBI in November 2021 due to governance issues and virtual payments related to the Anil Dhirubhai Ambani Group.

Nageswara Rao Y was appointed by the Central Bank as an official, who then started the seam of price offers for the company’s independence in February 2022.