The RBI approval for acquiring a stake in IndusInd Bank is intended for investments by HDFC Bank s Asset Management Company (AMC) and Life Insurance arms.
The Hinduja group is eying a valuation of $35-40 billion for its banking, financial services, and insurance (BFSI) business. Ashok Hinduja, stated that their promoter company, IndusInd International Holdings Ltd (IIHL), will expand into the BFSI sector to become a full-stack financial giant. The group has already acquired a controlling stake in a bank in the Bahamas and received approval for a banking license in Mauritius. IIHL has successfully bid for buying the debt-ridden Reliance Capital.
Hinduja Group to get RBI's nod to hike stakes to 26% in IndusInd Bank - News Today newstodaynet.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from newstodaynet.com Daily Mail and Mail on Sunday newspapers.