2024-05-09 10:45:29
New Delhi: Hinduja Group company IndusInd International Holdings Limited (IIHL) had made the biggest bid for debt-ridden industrialist Anil Ambani’s company Reliance Capital. The company’s lenders had approved this resolution plan in June last year. It also got the green signal from NCLT in February. Meanwhile, according to media reports, Hinduja Group has started rebranding of Reliance Capital and its operating companies. The company has proposed to change the names of the companies to implement its Rs 9,661 crore resolution plan. Approval has been sought from RBI for this. NCLT has set a deadline of May 27 to implement this resolution plan. Media reports have quoted sources as saying that under the rebranding, the name of the holding company Reliance Cap will be IndusInd Insurance Holding Company. Hinduja Group’s focus is on buying the insurance business of Reliance Cap. Reliance Nippon Life Insurance Company (RNLIC) will be renamed as IndusInd Nippon Life Insurance Company. Similarly, the new name of Reliance General Insurance Company (RGICL) will be IndusInd General Insurance Company. RNLIC is a life insurance venture in which Japanese company Nippon Life holds 49% stake while Reliance Cap holds 51%. The name of Reliance Health Insurance will be IndusInd Health Insurance.
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Lenders’ problem
Meanwhile, according to a Mint news, IIHL has proposed changes in the corporate structure to implement the resolution plan of Reliance Cap. The proposal for names of new companies has been sent to RBI. Experts say that fresh regulatory approval will be required to include new companies in the deal. This is not good news for lenders. This may make their wait longer. Lenders of Reliance Cap include EPFO and LIC. They are pressurizing IIHL to implement the resolution plan by May 27 and pay Rs 9,661 crore. Last month, the insurance regulator had raised questions on this deal and said that it is not as per the insurance rules.