India Wire News

Anil Ambani’s firm was valued at about Rs 1 lakh crore, yet this rich family was not allowed to purchase it for merely

<p>The National firm Law Tribunal (NCLT) has approved the takeover of Reliance Capital (RCap), a bankrupt firm under the Anil Dhirubhai Ambani Group, by IndusInd International Holdings Ltd (IIHL), a division of the Hinduja Group. This sanction was granted for a Rs 9,650 crore resolution plan that IIHL had presented in June 2023, during the second round of RCap bidding.</p>
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<p>According to Times Now, Reliance Capital’s valuation peaked in 2018 at ₹93,851 crore. However, Anil Ambani’s commercial losses and the ensuing financial collapse significantly reduced the company’s net value. As a result, the lenders are keen to divest the business.</p>
<p>When the Reserve Bank of India (RBI) intervened on November 30, 2021, RCap’s problems began. Due to payment failures and concerns over governance, the RBI replaced the RCap board and designated Nageswara Rao Y to oversee the corporate insolvency resolution procedure (CIRP).</p>
<p>Over the last several years, there have been many flips and turns in the tale of RCap’s debt settlement. Six bidders—Torrent, IndusInd, Oaktree, Cosmea Financial, Authum Investment, and B Right Real Estate—who had presented resolution plans with a total estimated value between Rs 4,000 crore and Rs 4,500 crore participated in the first round of the auction. Nevertheless, the committee of creditors (CoC) rejected these offers on the grounds that they were too low.</p>
<p>It’s interesting to note that the total net worth of the Hinduja brothers is Rs 1,24,250 crore, a significant amount more than Reliance Capital.</p>

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