After RCap buy, IndusInd eyes $50 billion BFSI valuation - Times of India
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Mumbai: IndusInd International Holdings aims to establish a banking , financial services , and insurance portfolio worth Rs 4.2 lakh crore ($50 billion) by 2030. This includes its investment in IndusInd Bank and also new business under Reliance Capital , for which IndusInd International Holdings ( IIHL ) won the bid under bankruptcy proceedings. "We have received a letter stating that the increase in stake will be cleared after we follow the process. We have submitted the 'A' form, which is a requirement, and the proposal has been approved by the bank board and sent to the regulator. Once we have completed this, we plan to increase our stake from the market and by subscribing to the bank's capital," said Hinduja. He added that the increase in the bank's capital will also be done in phases. After the acquisition, IIHL plans to relaunch and grow Reliance Health Insurance. Additionally, IIHL will also grow Reliance Securities and Reliance Asset Reconstruction but will exit few other real estate businesses with RCap. IIHL - formed by a group of non-residents led by SP Hinduja - was the first to be given a licence to set up IndusInd Bank in 1993.
IIHL has completed the necessary regulatory formalities to increase its stake in the bank to 26% from 15%, which it will do in phases, according to IIHL chairman Ashok Hinduja.
Besides the bank, IIHL owns the Sterling Bank & Trust, Bahamas and is a minority stakeholder of securities exchange Afrinex in Mauritius, and wealth manager Beryllus Capital in Singapore, Switzerland and the UK. " IIHL has consistently satisfied the "fit and proper" criteria of authorities RBI, Sebi and Central Bank of The Bahamas," said Hinduja.
IIHL also won the bid for Reliance Capital with a Rs 9,661-crore offer. Hinduja said that the payment to lenders will be made as soon as Irdai approves the deal. "We have a letter from our bankers indicating their willingness to extend Rs 7,500 crore for the purchase. 25% equity is being brought by an IIHL subsidiary through an investor," Hinduja said.