The acquisition of debt-ridden Reliance Capital by Anil Ambani’s brother, Anil Ambani, has hit a snag. The Hinduja Group’s subsidiary, IndusInd International Holdings Limited (IIHL), emerged victorious in the acquisition bid for Reliance Capital, the financial services division of the Anil Ambani Group. However, the deal faces a significant obstacle: securing the necessary funds to finalize the transaction. The Hinduja Group, known for its substantial investments in diverse sectors like banking, cable television, vehicles, and lubricants, is facing challenges in raising the funds. The group, led by the four Hinduja brothers – Srichand, Gopichand, Prakash, and Ashok – inherited their father’s business legacy, established in 1914. The Hinduja family boasts a substantial net worth of Rs 166110 crore, according to Forbes.
The Economic Times reports that the Hinduja Group is negotiating a Rs 4000 crore loan with 360 One Prime, formerly known as IIFL Wealth Prime, to acquire Reliance Capital under the bankruptcy code. The source indicates that IndusInd International Holdings aims to borrow a total of Rs 8,000 crore for the transaction. However, the group is facing pricing challenges as several credit funds are demanding high interest rates. Following the passing of his older brother, Srichand Hinduja, in May 2023, Gopichand Hinduja assumed the role of chairman. The Hinduja Group’s headquarters shifted from Iran to Europe in 1979 due to the Islamic Revolution. The brothers, Srichand and Gopichand, relocated to London in 1979 to expand their export business. While Ashok oversees the group’s Indian interests, Prakash manages operations in Geneva, Switzerland. The organization boasts a global presence with offices in major cities worldwide, including India, and employs over 200,000 people. In 2017, Gopichand Hinduja and Srichand were recognized as the richest men in Britain.
