Hinduja Group to enhance financial services with $1.17bn bid success for Reliance Capital

Dubai: Hinduja group which has investment interests in the UAE through GCC’s only bus manufacturing plant in Ras Khaimah, IndusInd Bank and Gulf Oil Middle East is poised to enhance its business in financial services in the region.

The potential for enhancing the financial services business has come with a group company of the Hinduja Group, IndusInd International Holdings Ltd. (IIHL) emerging as the highest bidder at over $1.17 billion for India’s Reliance Capital, owned by Anil Ambani.

The group’s banking arm has been open to acquisitions to expand its product portfolio, and probably Reliance Capital inclusion will help enhance its financial product portfolio.

Hinduja company emerged as the highest bidder in the second round of the RCap auction. The bid is way higher than the offer made by Torrent Investments in the first round of the auction held in December 2022. In the second round, Hinduja group firm was the sole bidder and Torrent and Oaktree did not participate.