Hinduja Group

IIHL's takeover of Reliance Capital set to complete by January end

RCap subsidiaries to get listed by mid-2026, 2027

Hinduja Leyland Finance eyes $300-500 million through debut dollar bonds

So far in FY25 (up to October), Indian corporates have raised around Rs 35,000 crore from overseas investors through bonds

Hinduja Group seeks Rs 4,300 crore for Reliance Capital's second tranche

Hinduja Group seeks Rs 4,300 crore for Reliance Capital's second tranche, delays due to DPIIT approval; first tranche of Rs 3,000 crore raised in September via Barclays, 360 One

DPIIT gives nod to Hinduja Group firm IIHL for acquisition of RCAP

The Department for Promotion of Industry and Internal Trade (DPIIT) has given a go-ahead to Hinduja Group firm IIHL for acquisition of debt-ridden Reliance Capital Ltd (RCAP), sources said. DPIIT approval was required as some of the shareholders of IndusInd International Holdings Ltd (IIHL) are residents of Hong Kong, a special administrative region controlled by China. According to Press Note 3, if an entity from a nation sharing a land border with India (China, Bangladesh, Pakistan, Bhutan, Nepal, Myanmar, and Afghanistan), or if a citizen or permanent resident of any such country is the beneficial owner of an investment in India, they are required to pursue investment through the government approval route. According to sources, the green signal from the DPIIT will help take forward the resolution plan submitted by Mauritius-based IIHL, which emerged as the successful bidder by submitting Rs 9,861-crore bid for the debt-ridden financial firm. The NCLT Mumbai on February 27, 2024,

Ashok Leyland strengthens retail presence in east with West Bengal outlet

Hinduja Group flagship company Ashok Leyland has set up a light commercial vehicle dealership in West Bengal, as part of plans to expand its footprint in the eastern region. With the setting up of new facility in Siliguri, the light commercial vehicle distribution network grew to more than 800 touch points, Ashok Leyland said. "We are excited to further strengthen our presence in this region. West Bengal and Eastern India at large, have been a key market for us. We have always recognized the potential this region has and we are excited about the opportunities that lie ahead in this geography. We have been working on creating a strong foothold in this region, and the new dealership in Siliguri will bolster our presence," said company Head-Light Commercial Vehicle Business, Viplav Shah in a statement on Thursday. The new channel partner 'Happie Trucking' has a sales facility at Eastern Bypass Road, SBM Warehouse, Siliguri while service and spares facility in Thakur Nagar, New ...

Hinduja Leyland Finance receives 'AA+/Stable' rating boost from CRISIL

The company said that the upgraded rating reinforces its long-term financial stability and prudent governance practices

I-T dept accuses Hinduja Global Solutions of Rs 2,500 crore tax evasion

Tax officials claim that Hinduja Global Solutions (HGS) merged with a loss-making company after selling its profitable healthcare division to avoid paying taxes

Hinduja group firm to raise Rs 3,000 crore as debentures to fund RCap buy

The zero-coupon debenture issue will open and close on Monday and attract a yield rate of 14.5 per cent

NCLAT issues notice to IIHL on RCap plea seeking interest on payment

The NCLAT on Friday issued a notice to IndusInd International Holdings Ltd (IIHL) over a plea filed by lenders of Reliance Capital seeking interest on the payment for the extended period. A three-member bench led by Chairperson Justice Ashok Bhushan directed the Hinduja Group firm, IIHL to file reply within two weeks. The National Company Law Appellate Tribunal (NCLAT) was hearing the petition from Committee of Creditors (CoC) of RCap. The lenders have sought modification in the order passed by the Mumbai Bench of National Company Law Tribunal (NCLT), which had on July 23, directed IIHL to deposit the equity component of Rs 2,750 crore in the CoC escrow accounts. It has requested the appellate tribunal to direct IIHL to "allow interest on the Upfront Cash Amount till August 8, 2024" and also " allow interest on debt component of Upfront Cash Amount from August 8, 2024 till Transfer Date which is the date of payment of Upfront Cash Amount" of Rs 9,660 crore. Mauritius-based IIHL ..

Hinduja Group's IIHL files documents to raise Rs 3,000 crore via NCDs

Hinduja Group firm IIHL, the successful resolution applicant for takeover of debt-ridden Reliance Capital (RCAP), on Monday filed offer documents to raise Rs 3,000 crore through non-convertible debentures (NCDs), according to sources. The proceeds will be used to part fund the acquisition of RCAP, while the other leg of the transaction to complete the process for Rs 4,300 crore is parallelly underway which will be subject to receipt of regulatory approvals and completion of formalities by the administrator, sources said. IndusInd International Holdings Ltd (IIHL) has filed the NCD offer document with the BSE. The NCD -- with a duration of 3.5 years -- is expected to open for subscription early next week, sources said. IIHL has already brought its equity component of Rs 2,750 crore for the transaction, which has been deposited in a designated account of the Committee of Creditors, under the supervision of NCLT. The NCLT Mumbai on February 27, 2024, approved IIHL's Rs 9,650-crore ..

Ashok Leyland inaugurates advanced Uptime Solution Center at Ennore

The advanced Uptime Solution Centre brings together teams from aftermarket services, vehicle engineering, and field quality to proactively support Ashok Leyland customers nationwide

RCap lenders accuse IIHL of using delaying tactics, firm denies allegations

Lenders to debt-ridden Reliance Capital Ltd (RCAP) have alleged that Hinduja Group firm IIHL is indulging in delaying tactics, resulting in slowdown in implementation of the resolution plan. Mauritius-based IndusInd International Holdings Ltd (IIHL) emerged as a successful bidder for acquisition of Reliance Capital. The NCLT Mumbai on February 27, 2024, approved IIHL's Rs 9,861-crore resolution plan for the debt-ridden financial firm. According to sources, lenders claimed that IIHL's move to seek approval from the Department of Industrial Policy and Promotion (DIPP) is an afterthought. It was not even a part of conditions set out by the NCLT while approving the resolution plan on February 27, 2024. The message sent to IIHL for comments on the issue did not elicit response till the filing of the story. According to sources, 90 days have passed since IIHL submitted the application with DIPP, but the approval is still pending. DIPP approval is required as some of the shareholders o

IIHL concerned over GST liability for RCap resolution plan implementation

Hinduja Group-owned IndusInd International Holdings on Wednesday contended before the National Company Law Tribunal that the GST liability of Rs 850 crore is a sticky issue in the implementation of Reliance Capital's resolution plan. Senior counsel Abhishek Manu Singhvi, representing IndusInd International Holdings, told the tribunal that it has received 7 approvals, including from the RBI and Sebi. He said that as directed by the tribunal on August 12, IIHL held a joint meeting with the CoC to sort out various issues. Singhvi, however, raised concern over the GST liability of Rs 850 crore. He further said that the company is prepared to pay Rs 9,861 crore, however, there is an issue of GST liability of Rs 850 crore. "We had a joint meeting (IIHL and the CoC) to sort out issues. However, the GST liability remains a sticky issue. The GST liability of Rs 850 crores is clearly already covered in the NCLT February 27 order, which says waiver of any tax, including but not limited to in

Hinduja Global up 4% as Singapore-based Legends Global buys 1.5% stake

Legends Global Opportunities (Singapore) bought a 1.52 per cent stake in the company, while New Leaina Investments sold 0.78 per cent shares.

Reliance Capital lenders move NCLAT against Hinduja Group's IIHL

CoC wants to forfeit funds deposited by IIHL in case of a default

RBI levies penalty on BoM, Hinduja Leyland Finance, Poonawalla Fincorp

The Reserve Bank on Friday said it has imposed a penalty of Rs 1.27 crore on Bank of Maharashtra (BoM) for violating its directions, including on Know Your Customer. The Reserve Bank of India (RBI) has, by an order dated August 8, 2024, imposed a monetary penalty of Rs 1.27 crore on Bank of Maharashtra for non-compliance with certain directions issued by RBI on 'Loan System for Delivery of Bank Credit', 'Cyber Security Framework in Banks' and 'Know Your Customer', the central bank said in a statement. After considering the bank's reply to the notice, oral submissions made during the personal hearing and examination of additional submissions made by it, RBI found that the charges against the bank were sustained, warranting imposition of monetary penalty. Besides, the RBI has imposed a monetary penalty of Rs 4.90 lakh on Hinduja Leyland Finance Ltd for non-compliance with certain provisions of the Know Your Customer (KYC) Directions, 2016. The action is based on a deficiency in ...

Hinduja Global Solution Q1 results: Net profit jumps to Rs 161.5 cr

Business process management firm Hinduja Global Solutions has posted a multifold jump in its consolidated profit to Rs 161.5 crore in the first quarter ended June 30, mainly due to sale proceeds of healthcare business received during the period. The company reported a profit of Rs 16.64 crore a year ago. Without the one-time gain from the sale of the healthcare business, HGS recorded a loss of Rs 57 crore during the reported quarter from continuing operations. The revenue from operations of Hinduja Global Solutions (HGS) declined by 3.6 per cent to Rs 1,091.92 crore in the June 2024 quarter from Rs 1,133.49 crore in the year-ago period. "Profitability in the quarter was adversely impacted due to some one-time costs, and we expect our profitability to improve from Q2 FY2025 onwards. "During the quarter ended June 2025, we received additional payment towards the sale of the healthcare business resulting in net profit of Rs 218.5 crore shown under Profits from Discontinued Operations

RCap buy: NCLT directs IIHL to transfer Rs 2.7K cr to lenders in 2 days

Clarifies that interest on the money will accrue to lenders

Gulf Oil Q1 results: Net profit rises 29% to Rs 88.02 cr, revenue up 9%

Lubes maker and Hinduja Group firm Gulf Oil Lubricants India's net profit rose 29 per cent to Rs 88.02 crore in three months to June over the same period last year, the company said on Tuesday. Gulf Oil Lubricants India had posted a net profit of Rs 68.30 crore in the first quarter of FY 2023-24. Revenue from operations for the reporting quarter stood at Rs 885.07 crore, up 9.04 per cent from Rs 811.71 crore in Q1FY24, it said. It also said that the company delivered a higher EBITDA (earnings before interest, taxes, depreciation and amortization) at Rs 116.24 crore in the previous quarter as against Rs 92.78 crore, registering a year-on-year growth of 25.28 per cent in the corresponding quarter of FY24. The EBITDA margin during the period grew 170 basis points at 13.13 per cent, from 11.43 per cent last year, within the guided range of 12-14 per cent as the company increased investment in brand and customer-centric activities, Gulf Oil Lubricants India said. "Our first-quarter ...

NCLT to hear RCAP-IIHL resolution case, expected to give directions to both

The Mumbai bench of NCLT is expected to hear on Wednesday an interlocutory application filed by the Administrator of debt-ridden Reliance Capital (RCAP) seeking directions to IIHL for implementation of the resolution plan by August 10. The Administrator, through its interlocutory application filed on August 5, has also asked the NCLT to direct Hinduja Group firm IndusInd International Holdings Ltd (IIHL) to immediately transfer Rs 2,750 crore to escrow accounts designated by Committee of Creditors (CoC). As per the NCLT order dated July 23, the successful bidder, IIHL, had to comply with certain conditions by July 31, 2024. These conditions included depositing the initial equity amount of Rs 250 crore in a domestic escrow account designated by CoC and Rs 2,500 crore in an offshore escrow account again designated by the lenders by July 31. However, the Administrator alleged that IIHL deposited in the accounts of Harsha Ashok Hinduja, Shom Ashok Hinduja, and Ashok P. Hinduja. ...