This company of Anil Ambani is going to be sold, this is how it is raising ₹ 6660 crores to buy Hinduja Group - Newztezz - Latest News Today, Breaking News, Top News Headlines, Latest Sports News

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Tuesday, October 10, 2023

This company of Anil Ambani is going to be sold, this is how it is raising ₹ 6660 crores to buy Hinduja Group

Another company of industrialist Anil Ambani is going to be sold soon. His business is going to be acquired by Hinduja Group, which is currently busy raising Rs 6660 crore. Hinduja Group is a big company in the automobile sector, which manufactures commercial vehicles with brand names like Ashok Leyland.

All the businesses of Mukesh Ambani's brother Anil Ambani are on the verge of being sold one by one. 'Reliance Capital', which was once the crown of the business of Anil Ambani, who once ran Reliance Communications, one of the top telecom companies of the country, is also going to be sold. 'Hinduja Group' is going to acquire this company, for which it has started the work of raising an amount of Rs 6660 crore.

Sources having information about this have reported that Hinduja Group is trying to raise $800 million so that the acquisition of Reliance Capital can be carried out. The company is trying to raise money for this through private credit fund. However, no consensus could be reached between the two parties regarding this.

RBI took over Reliance Capital

Anil Ambani's company Reliance Capital was at one time the largest private finance company in the country. It worked like a shadow bank, its company even managed a part of the government's PF fund. 'Reliance General Insurance Company', which was a part of Reliance Capital, was one of the largest private general insurance companies in the country.

In the year 2021, Reliance Capital was taken over by the Central Bank (RBI). The reason for this is the default of 5 big non-banking finance companies (NBFCs) in the country within a few years.

Reliance Capital is going to be sold

Hinduja Group operates in sectors ranging from automobile to financial services, chemical and real estate. In such a situation, ET had reported that Hinduja Group is raising about $ 100 crore for the acquisition of Reliance Capital. However, no official statement has been given by the company on this. Now Bloomberg says that Hinduja Group is raising $800 million. However, no official statement has been given by Hinduja Group on this. When companies borrow money from another big corporate house instead of borrowing money from banks or the market, then it is called raising money from private debt funds.

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