The Reserve Bank of India (RBI) has approved the resolution plan for debt-ridden Reliance Capital. The move paves the way for IndusInd International Holdings (IIHL), the Hinduja Group firm, to acquire the company.
IIHL had emerged as the highest bidder with an offer of Rs 9,650 crore to take over debt-ridden Reliance Capital in the second round of auction concluded in April. The Reserve Bank of India (RBI) on November 29, 2021, superseded the board of Reliance Capital in view of payment defaults and serious governance issues.
Reliance Capital, a part of the Reliance Group, is one of India’s leading private sector financial services companies.
