The process of acquiring Anil Ambani’s bankrupt company Reliance Capital has reached its final stage. According to reports, IndusInd International Holdings Limited (IIHL) has almost completed the acquisition for Rs 98.6 billion ($ 1.1 billion).

Bloomberg’s report revealed

• The official announcement of this deal may be soon.
• At present, no official statement has come from IndusInd International and Reliance Capital.

Jindal Steel and Power gave tremendous return of 44,950%, increased from Rs 2 to Rs 901!

How did Reliance Capital reach bankruptcy?

• The Reserve Bank of India (RBI) took over the control of Reliance Capital in November 2021.
• The reason for this was that the company failed to meet its payment obligations and was facing “serious concerns”.
• The company was then declared bankrupt and its acquisition process was started.

How long will the acquisition process be completed?

NCLT directed to decide till 12 March

• The National Company Law Tribunal (NCLT) had directed banks and monitoring committee to solve all procedural aspects by 12 March.
• IndusInd International Holdings Limited (IIHL) received approval from NCLT in February 2024 last year.
• Now, after the completion of the final process, the ownership of Reliance Capital will be officially handed over to IIHL.

IIHL offered a capital of Rs 2,750 crore to Reliance Capital

IndusInd International Holdings Limited (IIHL) offered to put Rs 2,750 crore as equity capital in Reliance Capital’s account.

• NCLT has accepted this proposal.
• This will help strengthen the company’s financial condition.