27 March 2024 – After the debt-ridden company’s successful offer, the Hinduja Group has begun the process of renaming Reliance Capital (RCap) and its operational firms while it waits for final regulatory permissions.
The holding company, RCap, would become IndusInd Insurance Holding Company as part of the rebranding initiative. This move aligns with the group’s objective of concentrating only on the insurance activities of the acquired firm. Additionally, according to individuals familiar with the situation, Reliance Nippon Life Insurance Company (RNLIC) would become IndusInd Nippon Life Insurance Company.
They announced that Reliance General Insurance Company (RGICL) would henceforth be known as IndusInd General Insurance Company. In their joint venture for life insurance, RNLIC and Nippon Life of Japan each owns a 49% share, while RCap owns the other 51%.
Conclusion
Similarly, sources claimed that the Hinduja Group is entering the implementation phase and that Reliance Health Insurance would now be known as IndusInd Health Insurance. The resolution plan that IndusInd International Holdings Ltd (IIHL), the company that the debt-ridden Hinduja Group, the winning bidder for the RCap, had filed, was authorized by the National Company Law Tribunal (NCLT) on February 27.