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Hinduja Group to take loan to buy Anil Ambani’s company, made this plan

Sagar Patel

By Sagar Patel

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Anil Ambani’s Reliance Capital has debt of Rs 40,000 crore.

Hinduja Group is facing many difficulties in buying Reliance Capital, the company of Mukesh Ambani’s younger brother Anil Ambani. Yes, previous banks had refused to provide loans to the Hinduja Group to buy Reliance Capital. Now the group has found a new way to provide loans. Hinduja Group has drawn up a plan to raise funds of Rs 7,300 crore through bopped bids.

According to a Bloomberg report, a portion of the funds raised from the bond will be spent on the purchase of Reliance Capital. The group has entrusted the responsibility of raising funds from bonds to Barclays and 360One. The process was started by both large companies last week. The deal is expected to close within a month. No statement has come out from anyone regarding this whole matter.

NCLT rejected the petition.

Earlier, the National Company Law Tribunal i.e. NCLT adjourned the hearing till June 25 on the plea of ​​Reliance Capital’s allottee IIHL seeking extension of time to complete the resolution process. Hinduja Group company IndusInd International Holdings Limited (IIHL) had successfully bid for debt resolution of Anil Ambani Group’s financial services company Reliance Capital. You have requested to extend the deadline to complete the resolution process. It had to implement the approved resolution plan by May 27, 2024. The NCLT heard the IIHL’s plea on Thursday and ordered the case to be listed on June 25. NCLT also heard this case on June 13.

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The company has a debt of Rs 40,000 crore.

In November 2021, the Reserve Bank had removed the board of directors of Anil Ambani group company Reliance Capital over charges of non-payment and irregularities in functioning. Apart from this, Nageshwar Rao Y was appointed administrator of the company. Reliance Capital had debt of over Rs 40,000 crore and four applicants in the insolvency proceedings had bid in the initial round with resolution plans. However, the creditors committee rejected all these plans with low bid prices and held a second round of auction. In addition to the IIHL, Torrent Investments also participated.

Sagar Patel

Sagar Patel

I am Sagar Patel, specializing in business news reporting. With a keen focus on economic trends, market analysis, and corporate developments,

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