Following the acquisition of Anil Ambani’s company Reliance Capital, Hinduja Group is now working on a fund raising plan. Hinduja Group company IndusInd International Holdings Ltd (IIHL) has approached Japanese banks to raise up to ₹8,000 crore ahead of the scheduled takeover deadline of May 27.
According to ET sources, Japanese banks may get relief from Reliance Capital’s joint venture with Nippon Life. Together they run a life insurance joint venture in India. IIHL can get money from Japanese banks at much lower rates than what it has been discussing with other lenders so far.
Let us tell you that IndusInd International Holdings, a Hinduja Group company, offered Rs 9,650 crore to buy Reliance Capital. To raise these funds, the company is busy arranging loans globally.
Reliance Capital is a debt-ridden company. On Reliance Capital Rs. There was a debt of over 40,000 crores. Amidst the crisis, the Reserve Bank of India (RBI) removed Reliance Capital’s board of directors in November 2021 over governance issues and payment defaults.
Along with this RBI appointed Nageshwar Rao Y as administrator. They invited bids in February 2022 to acquire the company. Following this, the Mumbai bench of the NCLT approved IndusInd International Holdings’ plan to acquire Reliance in June 2023.
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