ANIL AMBANI GROUP
Reliance Capital lenders set out conditions to grant extension to Hindujas
Lenders of Reliance Capital, promoted by Anil Ambani, have submitted an affidavit to the bankruptcy court stating conditions for granting a 90-day extension to the winning bidder, a Hinduja Group entity. The extension would require depositing Rs 2,750 crore into a lender's escrow account and paying 12% interest on the Rs 9,660-crore offer. The National Company Law Tribunal is scheduled to consider Hinduja Group's plea for the extension on Tuesday. Earlier, NCLT had instructed Hinduja Group's IndusInd International Holdings (IIHL) to execute the plan by May 27th.
Hinduja Group starts bond sale process to fund Reliance Capital buy
Barclays Plc and 360 ONE have been appointed as arrangers and underwriters for the issuance, according to sources who requested anonymity due to the private nature of the discussions. The arrangers began the syndication process last week to attract investors, and the deal is expected to be finalised within a month.
Reliance Cap resolution: NCLT to hear IIHL plea for deadline extension on June 20
The National Company Law Tribunal (NCLT) will hear a plea from Hinduja Group firm IIHL on June 20 for an extension of the deadline to complete Reliance Capital's resolution. IIHL, the successful bidder for Reliance Capital, seeks a 90-day extension beyond the May 27, 2024 deadline set by NCLT Mumbai for completing the Rs 9,650-crore resolution plan. Reliance Capital, the financial services arm of Anil Ambani Group, had its board superseded by the RBI in November 2021, and IIHL's resolution plan was approved by NCLT in February 2024.
India Inc gets inked; corporate leaders vote for stable govt, development, emancipation of poor
Industry leaders from Tatas, Ambanis, and Birlas vote in Mumbai during the Lok Sabha elections, focusing on development, economic growth, and voting choices in Maharashtra.
Lok Sabha Elections: Anil Ambani queues up to cast his vote in Mumbai, chats with fellow citizens
In Phase 5 of the elections, six Lok Sabha seats in Mumbai, including Mumbai North, Mumbai North West, Mumbai North East, Mumbai North Central, Mumbai South, and Mumbai South Central, are being contested. This phase sees 695 candidates vying for victory in 49 seats across eight states and union territories, marking it as the phase with the fewest total constituencies.
Reliance Capital Administrator seeks 10 days extension from RBI to transfer assets to Hinduja Group
The National Company Law Tribunal (NCLT) Mumbai, while approving the resolution plan on February 27, directed IndusInd International Holdings Ltd to implement it within 90 days ending May 27.
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IIHL seeks RBI approval to pledge 100% of RCap's shares
IndusInd International Holdings (IIHL), a holding company of IIHL BFSI (India), received the NCLT nod to buy the financial services firm for ₹9,661 crore.
IndusInd promoter company to raise stake in bank to 26%
IIHL, an investment arm of the Hinduja brothers, aims to improve valuation of its investment to $50 billion by 2030. IIHL has already received RBI nod to raise its state in IndusInd Bank to 26%. The investment arm also plans to grow life and non-life businesses, start its health insurance operations and will retain Reliance Securities and ARC businesses.
NFRA takes action against auditors of Reliance Capital for lapses and fraud
NFRA has penalized Pathak HD & Associates, and banned its partners, in Reliance Capital case after lapses in statutory duties and ethical violations were noted.
The unmaking of Anil Ambani's billionaire status: From 6th richest to facing ₹3,300 crore refund
Anil Ambani, once ranked as the sixth richest person globally, faces setbacks as the Supreme Court reverses an Rs 8,000 crore arbitral award in favor of a firm in his group, Reliance Infrastructure. The award, related to a concession agreement with Delhi Metro Rail Corp in 2008, now requires nearly Rs 3,300 crore repayment by Ambani's firm. This development adds to the financial challenges faced by his group amid debt restructuring.
'Truth alone triumphs': Hardeep Puri on SC allowing DMRC's plea against arbitral award of Rs 8 000 cr in favour of Reliance firm
"Truth alone triumphs", Union Minister Hardeep Singh Puri on Wednesday said while terming as "historic judgement" the Supreme Court's order that the DMRC is not obliged to pay Rs 8,000 crore to the Delhi Airport Metro Express Private Ltd, a Reliance Infrastructure firm, in pursuance of a 2017 arbitral award. The Union housing and urban affairs minister also congratulated the Delhi Metro Rail Corporation (DMRC) on achieving this landmark verdict.
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.
Reliance Power shares hit 5% upper circuit as Anil Ambani-led firm settles bank dues
The stock hit its 5% upper circuit while witnessing a 1.47 times spurt in the volumes on India's oldest exchange.
SC upholds HC's jurisdiction to hear Chinese co's petition against RInfra
RInfra had argued that since none of the company's movable or immovable assets were located in New Delhi, the Delhi High Court had no territorial jurisdiction to entertain the enforcement petition. The high court had on January 29 rejected RInfra's objection to the Delhi HC's jurisdiction, which the company had challenged before the Supreme Court.
Even during Ambani & Birla takeover attempts, I was polite, calm and respectful to them. We all were doing our jobs: L&T's AM Naik
Anil Manibhai Naik joined L&T in 1965 as a junior engineer, became chief executive in 1999, chairman in 2003, group chairman in 2017 and chairman emeritus in 2023, handing over the reins to SN Subrahmanyan in September last year. "I am proud that we got a Rs 25,000-crore single order from Saudi Aramco, the world's largest oil producer, to build a refinery in their country," says Naik, recipient of the Economic Times Award for Lifetime Achievement.
Reliance Infrastructure can't sell, transfer assets worth $135 million, says Delhi HC
Delhi High Court restrains Reliance Infrastructure from selling assets worth $135.32 million in enforcement of arbitration award won by Shanghai Electric Group Co Ltd against the Anil Ambani firm. Division bench restrains RInfra from creating third-party rights on its assets. The awarded amount, interest, and costs are restricted to the amount prayed for in the petition.
NCLT clears IndusInd International's Rs 9,650 crore bid for RCap; lenders to take 63 pc haircut
IndusInd International Holdings had submitted its plan in June 2023 in the second round of bidding for the debt-laden company that was originally promoted by Anil Ambani.
NCLT approves Hinduja Group’s revival plan for Anil Ambani-promoted 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.
Hindujas may borrow ₹4,000 crore to fund Reliance Capital purchase
The group's acquisition of Reliance Capital is pending necessary court and regulatory approvals. Its offer of ₹9,650 crore was approved by the committee of creditors (CoC) in July last year, subject to requisite approvals.
Corporate India's power brigade turns out in full force at Ayodhya
India Inc's power brigade, including Mukesh Ambani, Sunil Bharti Mittal, Kumar Mangalam Birla, and other prominent business leaders, attended the Ram Temple consecration ceremony in Ayodhya. Notable attendees also included Nishant Pitti, CEO and co-founder of EaseMyTrip, and Zoho CEO Sridhar Vembu.
Mukesh Ambani and family join India Inc. leaders for Ram Mandir inauguration in Ayodhya
Reliance Chairman Mukesh Ambani, with family, attended Ayodhya's Ram Mandir inauguration. Prime Minister Narendra Modi led the historic event, joined by business leaders like Sunil Bharti Mittal and Anil Ambani. The town, adorned for the Pran Pratishtha ceremony, welcomed diverse attendees, reflecting unity. Gautam Adani expressed hopes for the temple fostering peace. The Ambani family, hosting an Anna Seva Bhandara, showcased grandeur, marking a significant moment in India's spiritual and cultural history.
Ambani, Adani, Tata & Jindal: The four pillars of Indian team boosting Modi's self-reliance vision
The current consensus among political analysts is for Prime Minister Narendra Modi to retain power in this year’s general elections. In that case, expect a further consolidation of wealth in the hands of Mukesh Ambani, Asia’s richest businessman, and Gautam Adani, his closest rival.
Swan Energy-Hazel Mercantile make payment of first tranche to acquire Anil Ambani’s Reliance Naval and Engineering Ltd
Swan Energy partnered with resolution applicant Hazel Mercantile Ltd through its special purpose vehicle – Hazel Infra Ltd – to acquire RNEL under IBC. After this payment, the company will be handed over to the winning bidder.
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.
Hinduja in talks with private debt funds for about $800 million
Hinduja, whose business interests range from financial services to chemicals and real estate, sought to raise $1 billion from a group of financial institutions for a potential acquisition of Reliance Capital, India’s Economic Times reported in July, citing people familiar with the matter.
NCLT reserves order on Torrent Investment's plea against lenders holding fresh round of bidding
In its appeal, Torrent Investment said the matter is pending with the Supreme Court and if the tribunal approves IIHL's Rs 9,650 crore resolution plan it will become infructuous if the apex court rules against the Committee of Creditors (CoC) decision on the extended challenge mechanism. However, the counsel for the administrator said, the apex court did not stay the proceedings on NCLAT's order on the extended challenge mechanism.
'No right time for success.' Vedanta boss Anil Agarwal reveals he failed 9 times before making it big
Anil Agarwal, Chairman of Vedanta Group, took to social media to address the societal pressure on young people to excel in their careers before turning 30. Agarwal shared his personal experience of struggling in his 20s and 30s, failing nine times, before succeeding in his 40s.
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