This billionaire family gets nod to buy Anil Ambani's company once worth nearly Rs 1 lakh crore for just...

The National Company Law Tribunal (NCLT) has given the green light for IndusInd International Holdings Ltd (IIHL), part of the Hinduja Group, to take over Reliance Capital (RCap), a company under the Anil Dhirubhai Ambani Group, which went bankrupt. This approval came for a resolution plan of Rs 9,650 crore submitted by IIHL in June 2023, during the second round of bidding for RCap.

At its peak, Reliance Capital was valued at ₹93,851 crore in 2018, as per Times Now. However, with the business losses suffered by Anil Ambani and the subsequent financial downfall, the company's net worth took a significant hit. Consequently, the lenders are now eager to sell off the company.

The troubles for RCap started when the Reserve Bank of India (RBI) stepped in on November 30, 2021. The RBI had superseded the board of RCap due to payment defaults and governance concerns, and appointed Nageswara Rao Y to handle the corporate insolvency resolution process (CIRP).

The story of RCap’s debt resolution has seen its share of twists and turns over the last couple of years. In the first round of auction, there were six bidders, including Torrent, IndusInd, Oaktree, Cosmea Financial, Authum Investment, and B Right Real Estate, who had submitted resolution plans ranging from Rs 4,000 crore to Rs 4,500 crore. However, these bids were rejected by the committee of creditors (CoC) because they were deemed too low.

Interestingly, the Hinduja brothers' combined net worth is Rs 1,24,250 crore, which exceeds the worth of Reliance Capital by a substantial margin.