IIHL takes control of Reliance Capital, puts new board members in place

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IIHL takes control of Reliance Capital, puts new board members in place - Business Standard

Quick Summary:

With this acquisition, IIHL gains control over about 40 entities, including key subsidiaries like Reliance Nippon Life Insurance, Reliance General Insurance, Reliance Securities, and Reliance Asset Reconstruction.

IndusInd International Holdings Ltd (IIHL) on Wednesday took control of Reliance Capital (RCAP), completing a three-year resolution process after paying off the debt-ridden firm's lenders.

According to sources, new board members include Moses Harding John and Arun Tiwari as approved by the Reserve Bank of India (RBI).