Reliance Capital lenders press Hinduja Group arm on resolution deadline

02 May 2024 CW Team

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 (NCLT) Mumbai, while approving the resolution plan on February 27, had directed the IIHL to implement the resolution plan within 90 days, i.e., by May 27.

As per the approved resolution plan, IIHL was required to make an upfront payment of Rs 96.50 billion to the RCAP lenders.

According to sources, concerns were expressed by the lenders regarding the sluggish progress towards the implementation of RCAP's resolution plan, as IIHL had not yet received crucial IRDAI approval on the resolution plan.

The IRDAI had raised multiple queries and concerns regarding the proposed corporate structure for the transfer of RCAP's insurance businesses to IIHL, and the company was yet to address those concerns.

The approval of IRDAI was crucial for the transfer of Reliance Capital's insurance businesses, namely Reliance General Insurance and Reliance Nippon Life Insurance, to IIHL. The RBI approval for the transfer of RCAP's business to IIHL was also due to expire on May 17. The approval granted on November 17 had a validity of only six months.

If IIHL fails to complete the resolution process within the stipulated timeline, it would be required to provide reasons for the delay to the RBI while reapplying for fresh approval.

Infrastructure Transport

01 Jun 2026

MMRDA advances 250 m on Orange Gate–Marine Drive tunnel

The Mumbai Metropolitan Region Development Authority (MMRDA) has completed 250 m of underground tunnelling for the Orange Gate–Marine Drive Urban Road Tunnel using India’s largest slurry shield tunnel boring machine (TBM) deployed for an urban road project.The project involves twin tunnels extending over 7 km beneath critical transport corridors, including Central Railway, Western Railway and Metro Line 3. The work requires high-precision engineering to navigate densely developed urban infrastructure.Once completed, the tunnel is expected to reduce travel time between Orange Gate and Marin..

Hindustan Zinc Pays Rs 188.46 Billion in FY26

Hindustan Zinc contributed Rs 188.46 billion to the public exchequer in FY 2025-26, according to its 9th Tax Transparency Report. The contribution, equivalent to 46 per cent of the company’s revenue, included direct and indirect taxes, government royalties, dividends to the Government of India, withholding taxes and other statutory levies.The company’s five-year cumulative contribution to the exchequer stood at Rs 915.72 billion. In FY26, Hindustan Zinc reported revenue of Rs 408.44 billion, EBITDA of Rs 221.62 billion and profit after tax of Rs 138.32 billion. It also achieved its highest..

World of Concrete India 2026 Opens in Mumbai

Informa Markets in India will host the 12th edition of World of Concrete India 2026 from 3–5 June 2026 at the Bombay Exhibition Centre, Mumbai. The specialised B2B exhibition will bring together manufacturers, suppliers, contractors, developers, architects, consultants, infrastructure companies, project leaders and government stakeholders.The event is expected to feature over 350 brands and more than 18,000 trade professionals. It will cover concrete and cement, dry mortar, precast technologies, formwork, construction chemicals, industrial and commercial flooring, scaffolding, safety solutio..