IIHL completes acquisition of RCAP; mgmt transfer to take place on Wed

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IIHL completes acquisition of RCAP; mgmt transfer to take place on Wed - Business Standard

Quick Summary:

IndusInd International Holdings Ltd (IIHL) has completed the transaction to acquire debt-ridden Reliance Capital (RCAP) by transferring the entire bid amount to lenders, IIHL chairman Ashok Hinduja said on Tuesday.

With regard to subsidiaries, he said there are about 39-40 entities of Reliance Capital and the new management would divest many of them as they are mostly small shell entities with small businesses.

The journey for value creation would now begin, he said, adding that the value of the Reliance Capital business on a conservative basis would be Rs 20,000 crore.