Lenders push Hinduja Group on Reliance Capital deadline

Reliance Capital lenders press Hinduja Group arm on resolution deadline

The lenders of debt-ridden Reliance Capital (RCAP) expressed concern over the slow progress and urged IndusInd International Holdings, a Hinduja Group arm, to expedite the process of obtaining necessary regulatory approvals and adhere to the resolution plan deadline of May 27. In a meeting held in Mumbai on Friday with the senior officials of IndusInd International Holdings' (IIHL), it was conveyed by the lenders of RCAP that the company had to make a payment of Rs 96.50 billion to them by the specified date, according to a source.

It was noted that the National Company Law Tribunal (N..

Reliance Capital divests 45% stake in home finance, earns Rs 540 mn

Reliance Capital has divested a 45% stake in its listed subsidiary, Reliance Home Finance, for Rs 540 million in the open market. This strategic step is anticipated to enhance the recovery prospects for lenders. The finance company, Reliance Capital, which was previously owned by Anil Ambani, is presently in the process of corporate insolvency. It now retains less than 2.5% ownership in Reliance Home Finance.

The lenders have given their approval to the resolution plan presented by IndusInd International Holdings, a Hinduja Group-promoted entity, for an amount of Rs 96.60 billion in..

Reliance Capital sells 45% stake in Reliance Home Finance

Reliance Capital, currently undergoing corporate insolvency proceedings, has divested a 45% stake in its listed subsidiary, Reliance Home Finance, for Rs 54 million in the open market. This strategic move is expected to enhance recovery prospects for creditors. Consequently, Reliance Capital's ownership in Reliance Home Finance now stands at less than 2.5%.

Lenders have greenlit a resolution plan worth Rs 96.60 billion proposed by IndusInd International Holdings, a Hinduja Group entity, for Reliance Capital.

It's noteworthy that the resolution process for Reliance Capita..

TVS Motor Unveils Electric Two-Wheeler

TVS Motor Company, a leading two-wheeler manufacturer in India, has unveiled its latest addition to the electric vehicle segment with the launch of the TVS iQube Electric in Bengaluru. This move marks the company's foray into the burgeoning electric vehicle market, aligning with the global shift towards sustainable mobility solutions.

The TVS iQube Electric promises to redefine urban commuting with its advanced technology and eco-friendly features. Boasting a sleek design and compact structure, the electric scooter is tailored to meet the evolving needs of urban commuters, offering a s..

Chinese EV Giant Leapmotor Eyes Indian Market

Chinese electric vehicle (EV) manufacturer Leapmotor is poised to make a significant entry into the Indian market in the third quarter of the 2024-25 fiscal year. With India rapidly transitioning towards electric mobility, Leapmotor's arrival could mark a pivotal moment in the country's automotive industry.

Leapmotor's decision to venture into India underscores the growing appeal of the country as a lucrative market for EV manufacturers worldwide. As one of the world's largest automotive markets, India presents immense opportunities for companies looking to capitalise on the increasing..