Page 6 - Hinduja Group

No additional share pledge by IIHL and subsidiary in IndusInd Bank

The promoter entities' pledge of shares as on date works out to 6.87 per cent of the paid-up share capital of the IndusInd Bank and has remained unchanged since long,'' the statement said.

RBI approves Hinduja Group directors on board of bankrupt Reliance Capital

Central bank clears resolution plan for Reliance Capital by IIHL BFSI (India)

Stocks to Watch today: Tata Motors, ZEE, Ashok Leyland, GIC, Aurobindo, HGS

Stocks to watch on Friday, November 10, 2023: Biocon, Hindustan Aeronautics, Hindalco, LIC, M&M, ONGC, SAIL and Tata Chemicals among prominent companies scheduled to announce Q2 results today.

Hinduja bags 250MW solar project in tariff-based competitive bidding

Hinduja Renewables on Monday said it has bagged a 250 MW solar project under a tariff-based competitive bidding by state-owned hydro power giant NHPC. "Hinduja Renewables was awarded by NHPC the tender for putting up a solar capacity of 250 MW at the tariff rate of Rs. 2.53/kWh," the Hinduja Group firm said in a statement. The consolidated project bid was for setting up a 3,000 MW Interstate Transmission System Connected Solar Power Projects anywhere in India. Hinduja Renewables was one of the eight bidders for the capacity. Sumit Pandey, the CEO of Hinduja Renewables, said, "With this winning bid, Hinduja Renewables would be able to reduce the carbon emissions equivalent of over 5,51,000 tons annually. Hinduja Renewables is well on its way to creating a multi-GW suite of renewables." Hinduja Renewables, part of the Hinduja Group, is an independent renewable power producer.

Bankers await closure of Reliance Cap acquisition by Hinduja Group

The group may look at raising by pledging shares of other group entities

Hinduja aims for value creation of $35-40 bn from the BFSI sector by 2030

Hinduja Group is betting big on the Banking, Financial Services, and Insurance (BFSI) sector, targeting to have a value creation of USD 35-40 billion in the next five to seven years by adding more verticals to fill up the gaps, said Ashok P Hinduja, Chairman of Group Companies (India). The Hinduja family-owned group is now looking at BFSI, besides the mobility, and energy sectors as the growth driver for the next decade. The group, which owns IndusInd Bank, Hinduja Leyland Finance and Hinduja Bank (Switzerland), is diversifying and has plans to get into the new tech, digital and fintech as part of its new phase of growth and fill gaps through acquisitions to have complete offerings in the BFSI sector, said Hinduja in a selected media round table here. "So the first phase will start and the objective of the holding structure, which is a Mauritius-based IndusInd International, is to grow into the BFSI sector to complete the full stack," he said. Besides, it is raising promoter's stak

RGIC takes legal opinion on Hinduja's plan to extinguish ESOPs of RCAP

Hinduja-led IIHL -- the successful bidder for Reliance Capital under insolvency proceedings -- cannot extinguish the employees stock options (ESOPs) and other incentive schemes for the Reliance General Insurance Company (RGIC) employees, a subsidiary of Reliance Capital, according to legal opinion taken by Reliance General Insurance. The legal opinion was necessitated as IIHL in its resolution plan for Reliance Capital has sought to extinguish all employees stock option plans, phantom stocks or similar incentive schemes of Reliance Capital and its subsidiaries, including RGIC, so that no additional cost is incurred after the takeover. Reliance General Insurance has issued ESOPs to its employees. Khaitan & Co in its legal opinion submitted to the RGIC has opined that under IBC, treatment of assets and liabilities of subsidiary companies are not permitted to be prescribed under a resolution plan for the holding company. The IBC recognises the principle of 'separate legal entity', ...

From Adani to Torrent, India Inc taps overseas funds for local M&As

Adani, Hinduja, Torrent raise funds for acquisitions

Hindujas tap private credit, foreign banks for Reliance Capital buy

The Hinduja group had offered the shares of two insurance companies owned by Reliance Capital to raise funds and was in talks with Barclays, JP Morgan, Cerberus Capital Management and Apollo

Acquisition of RCap: Hinduja-led IIHL in a fix after setback from Irdai

The RBI-appointed Administrator of debt-ridden Reliance Capital (RCAP) has written to Hinduja Group firm IndusInd International Holdings Ltd (IIHL), the successful bidder for acquiring RCAP, raising questions on the source of funds and business plan, sources said. The letter went from the Administrator after Insurance Regulatory and Development Authority of India (Irdai) rejected IIHL's proposal to raise funds for the RCAP acquisition by creating a pledge over the shares of Reliance General Insurance (RGIC) and Reliance Nippon Life Insurance (RNLIC), sources said. RGIC and RNLIC are subsidiaries of the debt-ridden financial services firm. In a letter to IIHL, sources said, the Administrator has asked the successful resolution bidder IIHL to submit a fresh application along with the source of funds and the business plan which do not contemplate the creation of pledge over the shares of RGIC and RNLIC. The Administrator has written to IIHL that in their meeting with Irdai on October

Forbes India Richest List 2023: Mukesh Ambani reclaims top spot; full list

According to the Forbes India Rich List 2023, Savitri Jindal is the wealthiest Indian woman

Ashok Leyland launches ecomet Star 1915 to cater to long haul customers

Hinduja Group flagship company Ashok Leyland has unveiled the ecomet Star 1915 truck in the intermediate commercial vehicle segment, targeting long-haul customers, the company said on Wednesday. The truck with a GVW (Gross Vehicle Weight) of 18.49 tonne is positioned to address the logistical demands of customers engaged in e-commerce, parcel delivery, transportation of fresh produce among others. The launch of the new truck comes in the backdrop of the industry anticipating a growing need for higher payload capacity across applications. Ashok Leyland is complimenting the rapid expansion of the ICV segment by consistently introducing unique and innovative products. We are delighted to unveil the ecomet Star 1915 truck with GVW of 18.49T, equipped with the proven 150hp H4 engine, ideally suited for long-distance applications, the company's President - Medium Heavy Commercial Vehicle President Sanjeev Kumar said. The new ecomet Star 1915 truck assures remarkable fuel efficiency, fast

Hinduja Group in talks with private debt funds to raise around $800 million

India has become a hotbead for private credit activity, in part because regulation forbids local banks from extending loans for mergers and acquisitions

Torrent files urgent plea in SC against Hinduja plan for Reliance Capital

Company says insolvency tribunal approved plan when appeals against it are pending

Ashok Leyland September sales: Total sales up 9% YoY to 19,202 units

Bus sales for the company more than doubled in domestic sales as Ashok Leyland dispatched 1,851 units in September, which is 119% more than the 847 units sold during the same period a year ago

Ashok Leyland wins order for 1,282 buses from Gujarat state transporter

This order, one of the largest by a state transport undertaking for a single original equipment maker (OEM), will help Ashok Leyland strengthen its dominant position in the Indian bus market

Hindujas announce launch of sale of Churchill's Old War Office residences

The OWO Residences by Raffles includes a range of 85 homes, from studios and one-bedroom apartments up to five-bedroom residences, with a two-bed apartment priced at around 5.8 million pound

Top headlines: IT companies' forex revenue, falling global debt and more

Business Standard brings you the top headlines at this hour

NCLT rejects Torrents's plea; to hear Hinduja's plan for RCL on Sep 26

The National Company Law Tribunal (NCLT) will hear on September 26 the resolution plan for debt-ridden Reliance Capital submitted by Hinduja Group firm Indusind International Holdings Ltd (IIHL) as Torrent Investments' plea to keep the decision in abeyance has been rejected. The Mumbai bench of the insolvency tribunal has rejected the Torrent's plea to keep the application for approving IIHL's resolution plan in abeyance till a final order is passed by the Supreme Court in the matter. The matter was listed for hearing on Tuesday before the insolvency tribunal, however, it has now been adjourned to September 26. The NCLT said the Supreme Court on the plea filed by Torrent has 'abundantly' made it clear that it would be kept in abeyance until the parties have had an opportunity to obtain circulation and interim orders of stay in the proceedings. However, so far "Supreme Court did not stay the proceedings before us," said a two-member NCLT bench on September 1, 2023. Besides, it was

Spot in top 10 manufacturers, Net Zero status: Ashok Leyland outlines goals

At present, the company is the 20th largest commercial vehicle manufacturer in the world