IIHL targets $50 billion in valuation post Reliance Capital Accusation

IIHL targets $50 billion in valuation post Reliance Capital Accusation

Mauritius-based IndusInd International Holdings (IIHL) is eyeing a valuation of $50 billion by 2030 with the acquisitions of the debt-ridden Reliance Capital (RCAP) and Invesco Mutual Fund, up from the $30 billion it expected a year-ago before the RCAP buy.

IIHL is yet to get a nod from insurance watchdog Irdai for its Rs 9,650-crore acquisition of Reliance Capital, chairman Ashok Hinduja said. Stating that IIHL has been in touch with the Insurance Regulatory and Development Authority of India (Irdai) since November on the deal, he said IIHL is “hopeful” of the nod coming as soon as possible and added that usually, such a go-ahead comes in 2-3 months.

Hinduja said IIHL will be able to pay the sum it has bid for within 48 hours of the Irdai nod and complete the deal.

With a little over three weeks to go before the National Company Law Tribunal’s May 27 deadline for executing the Rs 9,650 crore buy of RCAP comes to a close, Ashok Hinduja said the Mauritius-based IIHL has tied up Rs 7,500 crore from a clutch of banks for the acquisition.

Declining to specify any details about the banks who have committed the funds, Hinduja said there is a lead bank which will organise the funds once the time arises, and added that there has been an “over-subscription” among the lenders in offering money.

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