In February last year, the Billion Billion was approved by the Industrial International bid to acquire Debt -powered Reliance Capital for approximately billion billion billion rupees.
IIHL president Ashok Hinduja said that the company would exit Reliance Capital units other than broking and asset reconstruction. According to its website, Reliance Capital also works in segments such as home credit with a total wealth of life, health insurance and over 900 billion.
Separately, Hinduja said that the recent erosion in IIHL’s flagship investment company, Industries Bank, is short -term, and added that the financial services company has not received any request for capital motivation from a private lender.
Last week, the Indusind Bank hit a 2.35% of its net cost by December 2024, as due to the low estimates of hedging costs related to some past forex transactions, its stock was down about 25% since then.
The bank has appointed an external agency to independently review and validate internal findings. Hinduja said that the board of the Industries Bank would review the agency’s report and call who is responsible for the issue of forex transaction.
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