Insurance sector regulator IRDAI has given conditional approval to Hinduja Group firm IndusInd International Holdings Ltd (IIHL) for the takeover of debt-ridden Reliance Capital. "We are happy to acknowledge the receipt of approval from IRDAI yesterday (May 10, 2024) on the auspicious occasion of Akshay Tritiya. "The approval is subject to certain 'regulatory, statutory, and judicial' clearances/compliances," an IIHL spokesperson said in a statement.
The income tax department on Wednesday conducted a survey operation at Hinduja Global Solutions, an entity of the Hinduja Group, in Mumbai and some other cities, official sources said.
Gopichand P Hinduja, chairman of globe-spanning Hinduja Group, died in London at the age of 85, sources close to his family said. Fondly known as 'GP' in business circles, Gopichand P. Hinduja was unwell for past few weeks and died in a London hospital, they said.
His business successes which started with the international distribution rights for the Bollywood blockbuster movie 'Sangam' in 1964 made him one of the richest in Britain but it was the Bofors scam that made Srichand Parmanand Hinduja famous, or rather infamous, back home. SP Hinduja, as he was known, died in London on Wednesday after a prolonged illness. He was 87, a family spokesperson said. Born in a business family in Karachi, British India, he and his two younger brothers were accused of receiving payments totalling Rs 64 crore in illegal commissions to help Swedish gunmaker AB Bofors secure an Indian government contract.
Lenders of debt-ridden Reliance Capital have voted in favour of a resolution plan submitted by Hinduja Group firm IndusInd International Holdings Ltd (IIHL) which made the highest cash offer of Rs 9,661 crore in the second round of bidding. As much as 99 per cent votes were in favour of IIHL as lenders expected to recover cash upfront of Rs 9,661 crore from the Hinduja Group entity, sources said. Besides, sources said cash balance with Reliance Capital (RCAP) of over Rs 500 crore would also go to lenders. So, in all lenders are expected to receive about Rs 10,200 crore for distribution as against Rs 16,000 crore principal secured debt, resulting in 65 per cent recovery for the lenders, sources said.
The Hinduja Group on Monday said it is looking at bidding for Satyam Computer Services but yet to take a decision.
The UK-based group, run by billionaire Hinduja brothers, is already present across various countries including India in sectors like banking, auto, energy, technology and healthcare and has a turnover of over $25 billion (about Rs 1.4 lakh crore or Rs 1.4 trillion).
A Hinduja Group firm on Wednesday emerged as the highest bidder with an offer of Rs 9,650 crore to take over debt-ridden Reliance Capital in the second round of auction, sources said. The bid by IndusInd International Holdings Ltd (IIHL) is higher than Rs 8,640 crore offer made by Torrent Investments in the first round of auction held in December last year. The other two suitors -- Torrent Investments and Oaktree -- did not participate in the second round of auction, sources said.
Hinduja Group-led Ashok Leyland has posted a record consolidated net profit of ~820 crore in the second quarter of 2025-26 (FY26), up 7 per cent from ~767 crore during the same quarter last year.
Gulf Oil Corporation Limited, a Hinduja Group company, on announced the complete acquisition of US-based Houghton International for $1,045 million. The acquisition was carried out through GOCL's subsidiary in the UK.
The Hinduja Group, in partnership with a Spanish industrial company, has acquired UK's iconic Old War Office building that was once occupied by the country's war-time Prime Minister Winston Churchill.
'What made Gopi a man above others was his belief that business carried a broader purpose -- creating opportunity and bridging cultures.' Lakshmi Mittal, executive chairman, ArcelorMittal, pays tribute to Gopichand Hinduja who passed into the ages on November 4, 2025.
Hinduja Group expanding in defence sector in big way: Gopi
This will be the biggest outbound acquisition by India Inc this year.
The Hinduja group is learnt to be looking at alternative means of financing, including private credit, to fund its Rs 9,661 crore all-cash offer to acquire Reliance Capital. The regulator, Insurance Regulatory & Development Authority of India (Irdai), had earlier rejected the collateral offered by the group to raise funds. The Hinduja group was in talks with Barclays, JPMorgan, Cerberus Capital Management and Apollo Global Management to raise up to $850 million.
Mauritius-based IndusInd International Holdings and other Hinduja group entities are expected to make payments worth Rs 9,661 crore for the acquisition of bankrupt Reliance Capital (RCap) only after getting all the legal and regulatory clearances, including from the Supreme Court, thus delaying the closure of the transaction. A source close to the development said that according to the National Company Law Tribunal (NCLT) order dated February 27, the payment for the acquisition was to be made within 90 days from the NCLT's approval of the resolution plan and after receiving all legal and regulatory clearances.
Mauritius-based Hinduja group firm IndusInd International Holdings (IIHL) has informed the administrator of Reliance Capital that it is ready with its equity contribution of Rs 2,750 crore in cash to acquire the bankrupt firm, but it wants certain conditions to be met in accordance with the resolution plan before transferring the amount. IIHL has also filed an application with the Mumbai Bench of the National Company Law Tribunal (NCLT), seeking directions for the administrator and the committee of creditors (CoC) to complete all pending activities to close the transaction and not let the lenders invoke the bank guarantees provided by the firm earlier.
The insolvency process of debt-ridden Reliance Capital Ltd (RCL) on Tuesday hit a roadblock as the NCLT Mumbai has stayed the resolution process on the plea of Torrent Group. The stay order was issued by the National Company Law Tribunal (NCLT) as the Ahmedabad-based Torrent Group challenged the revised bid from Hinduja Group, sources said. Torrent Group, which emerged as the highest bidder with an Rs 8,640 crore offer, had moved the NCLT-Mumbai against Hinduja Group's late revised bid, which it had submitted after the completion of the e-auction process on December 21.
The Old War Office (OWO) of Britain's World War II era prime minister Winston Churchill opened its doors as a brand-new luxury hotel in London with a glittering launch event, complete with surprise musical performances by musicians Lord Andrew Lloyd Webber and Andrea Bocelli. Princess Anne - the Princess Royal, the sister of King Charles III, officially unveiled the plaque for The OWO after a tour of the hotel with Hinduja Group co-chairman GP Hinduja on Tuesday evening. British Prime Minister Rishi Sunak also made a quick stopover, along with parliamentarians, entrepreneurs, hoteliers and stars of film and television.
IndusInd Bank has appointed a professional firm to conduct investigation for identifying the root cause of accounting discrepancies relating to its derivatives portfolio. As per an estimate, Rs 2,100 crore discrepancy in accounting may impact 2.35 per cent of the Bank's net worth.
The Hinduja group is learnt to have backtracked from making a minimum Rs 8,950-crore offer for Reliance Capital (RCap) - a deal that it had belatedly put forth in December, after Torrent Investments emerged as the highest bidder for the bankrupt firm in the challenge process. The Hindujas' latest move has put Indian lenders, with an exposure of Rs 24,000 crore, in a spot as it was the former's revised offer that led to a call for a second auction and litigation by Torrent, which had placed a bid of Rs 8,649 crore in the first auction. Torrent has moved the Supreme Court and plans to wait for the apex court verdict before participating in any fresh auction. A banking source said there was an informal meeting of a few lenders of Reliance Capital with the bidders - the Torrent group and the Hinduja group on Friday when the latter changed its stand. The meeting of RCap's committee of creditors (CoC) is scheduled for Monday.
Four Hinduja brothers -- Srichand, Gopichand, Prakash and Ashok -- had in 2014 signed on a document saying the assets held by one brother belong to all, and that each of them will appoint the others as their executors. But now family patriarch Srichand Hinduja, 84, and his daughter Vinoo want the letter to be declared of "no legal effect" and the family's assets be separated as per his wish of 2016.
External auditor PwC is likely to submit its report to IndusInd Bank's board on Friday regarding accounting discrepancies in its derivatives portfolio, sources said. As per an estimate, Rs 2,100 crore discrepancy in accounting may impact 2.35 per cent of the bank's net worth.
'On the set, he was this big personality, the great Om Puri. But at home, he was like a fluffy teddy bear.'
Telecom Italia's biggest shareholder is controlled by Pirelli, the Italian tyre and real estate group.
While the SBI-led lenders' consortium is still working on ways to revive the once-storied Jet Airways, the civil aviation ministry has already awarded the carrier's slots at various airports to other airlines on a temporary basis.
Among the other conditions of the Hinduja group for picking up a stake in Jet is that bankers must take a haircut of 80 per cent and that they should help negotiate with operational creditors like aircraft lessors for moratorium on certain immediate payments.
The Hinduja Group, which has evinced interest in acquiring India's fourth-largest mobile operator Hutchison Essar, is also considering to buy part of a controlling stake in Telecom Italia, media reports said in London.
Britain's wealthiest family, the Hindujas, have said they were 'appalled' by a Swiss court's ruling of jail terms for some members and have filed an appeal in a higher court challenging the verdict finding them guilty of exploiting vulnerable domestic workers from India at their villa in Geneva.
The expansion into nuclear is part of the group's plan to invest as much as $ 50 billion by 2014 to expand its business in the world's second-most populous nation. The group has already concluded talks with overseas companies which can offer technological and related support to enter the business. "There will be a flood of American investments in the country once the deal is concluded," S P Hinduja said.
The Hinduja Group has signed a deal with Dubai World to offer healthcare services in India.
Hinduja Group on Monday said it would invest Rs 1,200 crore (Rs 12 billion) in property development business
Hinduja Group co-chairman Gopichand Hinduja said that while the $5 trillion target of 2024 is achievable, Prime Minister Narendra Modi-led government needs to shed the British style of bureaucracy to move faster. The industry veteran also said that the company has been willing to invest more than $20 billion in India, but it wants the obstacles to be removed and ease of doing business must be provided.
'Our family philosophy is to build a bridge between India and Britain.'
The Hinduja group plans to go ahead and set up a Rs 25,600 crore (Rs 256 billion) refinery at Kakinada even if its indecisive project partner Oil and Natural Gas Corporation opts out. ONGC had put a slew of conditions, including Andhra Pradesh government giving 950 acres of land free of cost, sales tax exemption and fiscal concessions equivalent to a Special Economic Zone, for setting up the 15 million tons refinery-cum-petrochemical project at Kakinada.
The Hinduja Group-owned Amas Bank (Switzerland) Ltd on Monday said it has changed its name to Hinduja Bank to show the group's increased commitment to its banking business in Switzerland.
Hinduja group on Monday announced major investment initiatives totaling up to $10 billion with Qatar for infrastructure projects through an Indo-Qatar fund with intial corpus of $1billion.
Billionaire S P Hinduja believes the 'whole world has awakened to this evil of terrorism' because of the Mumbai attacks. He said he was especially glad that the attacks 'have mobilised our youth like never before.'
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