Hinduja Group can use the Reliance brand for three years and the group reportedly isn’t rushing to rebrand RCap or any of its companies.
Anil Ambani’s debt-ridden Reliance Capital secured a buyout offer of Rs 9650 crore from Hinduja Group. As the group seeks loan and necessary regulatory approvals, it has reportedly started the process of rebranding Reliance Capital and its operating companies. As per a report by Financial Express, holding company Reliance Capital or RCap will be renamed as IndusInd Insurance Holding Company. Citing sources, the report suggests that the new name is in sync with Hinduja Group's plan to only focus on insurance businesses of the acquired Anil Ambani firm. Apart from this, the group will also likely rebrand Reliance Nippon Life Insurance Company as Nippon Life Insurance Company. Reliance General Insurance Company (RGICL) and Reliance Health Insurance will reportedly be rechristened as IndusInd General Insurance Company and IndusInd Health Insurance respectively.
It is worth noting that under the NCLT provisions, Hinduja Group can use the Reliance brand for three years and the group reportedly isn’t rushing to rebrand RCap or any of its companies. As of now, Hinduja Group is reportedly planning to borrow Rs 8000 crore from major Japanese banks for purchase of Anil Ambani’s company.
According to a report by the Economic Times, Hinduja Group is in talks with three Japanese banks - Mizuho, SMBC and MUFG to borrow Rs 8000 crore to acquire Anil Ambani’s Reliance Capital under the bankruptcy code. The group aims to secure the loan before the May 27 deadline set by a bankruptcy court to close the deal. Hinduja Group wants five year loans at an interest cost of 8-9% a year.
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