HINDUJA GROUP

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• Reliance Capital lenders urge Hinduja Group arm to stick to resolution plan deadline

  As per the approved resolution plan, IIHL has to make an upfront payment of Rs 9,650 crore to the RCAP lenders.

  

• Invesco in talks with Hindujas for India MF arm sale

  Invesco could sell as much as 60% of Invesco Mutual Fund with assets under management (AUM) of more than ₹74,000 crore as of March 31. The mutual fund industry's total AUM stood at ₹54.50 lakh crore as of February end.

  

• IRDAI seeks more details from IIHL to approve deal for Reliance Capital's insurance business

  Dated March 20, the letter by the Insurance Regulatory and Development Authority of India (IRDAI) was in response to a request by administrator Nageswara Rao Y to approve the transfer of RCap's shares in three insurance companies to Aasia Enterprises LLP, another Hinduja group company. In February, the National Company Law Tribunal (NCLT) had approved a ₹9,661-crore resolution plan by IIHL, Aasia Enterprises LLP and IIHL BFSI (India) Ltd for the previously Anil Ambani-owned RCap.

  

• Hinduja company taps Japanese banks to fund Reliance Capital buy

  Japanese banks may derive comfort from Reliance Capital's association with Nippon Life, a joint venture partner of the former, according to the sources. The two together run a life insurance joint venture in India.

  

• NCLT directs IIHL to complete Reliance Capital’s resolution plan within 90 days

  The Mumbai bench of the National Company Law Tribunal (NCLT) on Wednesday allowed an application filed by the administrator of Reliance Capital and directed Hinduja Group-owned IndusInd International Holdings Ltd (IIHL) to implement the resolution plan for the financial services holding company by May 27. Read on to know more:

  

• NCLT approves Hinduja Group’s acquisition for Anil Ambani's Reliance Capital

  The bankruptcy court in Mumbai approved the acquisition of Reliance Capital by IndusInd International Holdings Ltd. A monitoring committee will be formed to monitor the plan implementation. The Supreme Court is involved in a dispute between Torrent Investments and Hinduja Group bids. In November 2019, the tribunal allowed an application to initiate an insolvency process against the debt-laden financier.

  

• NCLT reserves order on Reliance Capital Resolution Plan approval

  The NCLT Mumbai has reserved its order on the approval of IIHL's resolution plan for the Reliance Capital. While reserving the order, the NCLT has said that the order will be delivered within a month. The Rs 9,861 crore resolution plan was submitted for NCLT approval by the Reliance Capital administrator in July last year.

  

• Keen to get external investment for EV arm Switch Mobility, waiting for right partner: Ashok Leyland MD

  Ashok Leyland's electric vehicle arm, Switch Mobility, seeks external investments cautiously, prioritizing the right strategic partner at the right valuation. The company remains open to individual investment until an ideal ally is secured, with a focus on developing robust products and technology maturity. Switch India anticipates being cash neutral or positive, while Switch UK may require additional investments in FY25 due to the European and UK markets' subdued performance.

  

• Brookfield, Cerberus, Deutsche Bank among lenders keen to fund Hindujas’ Reliance Capital bid

  While major lenders have offered term sheets of up to ₹6,000 crore, smaller funds have shown interest in providing loans ranging from ₹800 crore to ₹1,000 crore, contributing to the larger financing package.

  

• IRDAI objects to IndusInd Holdings' pledging plan to buy Reliance Cap

  Hinduja Group is in talks with offshore lenders to raise $800 m (₹6,660 crore equivalent) to acquire the finance company under the Insolvency and Bankruptcy Code, the people said. Lenders have unanimously voted in favour of a ₹9,660-crore plan offered by IIHL in June.

  

• SC refuses to stay NCLAT proceedings looking to approve Hinduja's resolution plan to acquire Reliance Capital

  Gujarat-based Torrent Investments had emerged as the highest bidder with its Rs 8,640 crore in the initial bidding, but a day later the Hinduja Group through IndusInd International submitted a revised bid of Rs 9,000 crore and the same was approved by the lenders in April. Torrent’s appeal against the IndusInd’s RP is pending before the SC.