Reuters.MUMBAI – The Reserve Bank of India (RBI) has given its nod to the resolution plan for the troubled financial services firm Reliance Capital, paving the way for the acquisition by Indian conglomerate IIHL. The central bank’s endorsement comes with a “No objection” to IIHL’s offer of Rs 9,650 crore, confirming the successful bid today.
Reliance Capital has been under scrutiny due to payment defaults and severe governance issues. In response, the RBI initiated a Corporate Insolvency Resolution Process (CIRP) on November 29, 2021, and appointed Nageswara Rao Y as the administrator to oversee the process.
The resolution for Reliance Capital has seen significant progress since April 2023 when IIHL emerged as the highest bidder in…
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