Reliance Capital Auction: Mukesh Ambani's brother Anil Ambani's company gets Rs 9,650 crore bid from Hinduja Group

Asia’s richest man Mukesh Ambani’s brother Anil Ambani’s bankrupt company Reliance Capital was held on Wednesday, 26 April. According to the people with knowledge, IndusInd International Holdings, a unit of the Hinduja Group, was the only bidder for Reliance Capital at the auction held on Wednesday as part of bankruptcy procedures.

Hinduja Group offered Rs 9,510 crore in the first round and later offers Rs 9,650 crore. The highest bidder during the previous auction was Torrent Group. However, this group was excluded from the company's second round of bidding and has been deemed illegal, as ET reported. 

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Torrent Investments and Oaktree Capital, who had previously said they would take part in the process, made no proposals in the meanwhile. The Daily was informed by a source that Torrent took part in the pre-auction discussions and the mock auction drill but ultimately decided not to place a bid. 

The entry criterion for the auction was fixed at Rs. 9,500 billion, plus Rs. 8,000 billion in upfront cash.

Torrent Investments submitted the highest offer of Rs 8,640 crore in the first auction conducted in December, followed by Hinduja Group at Rs 8,110 crore. Hinduja submitted a revised bid of Rs 9,000 crore within 24 hours, which Torrent then contested in front of the National Company Law Tribunal (NCLT).