IndusInd International Holdings Ltd. (IIHL), is also awaiting approval from the insurance regulator Irdai for the acquisition of Reliance Capital Limited (NSEI:RELCAPITAL)'s three insurance companies under the bankruptcy process. Once the approval is in, Hinduja is confident of repaying the entire dues to lenders within the deadline of 27 May, as per the terms of the resolution process. "I am hopeful that the approval will come as quickly as possible.

Normally, the approval process takes two to three months, what we understand. The original information (application) was submitted in November, 2023," said Hinduja. " I have a letter from the lender that in 72 hours, of pressing the button, the funds, that is, INR 75.00 billion would be made available," he added.

On 27 February, the National Company Law Tribunal (NCLT) gave its nod to IIHL's resolution plan worth INR 96.50 billion for Reliance Capital, formerly under the control of Anil Ambani. The tribunal directed IIHL to close the deal within a 90-day period. Except the insurance regulator, the deal has received the approval of RBI and Competition Commission of India.

Economic Times had earlier reported that Irdai had expressed reservations regarding IIHL's takeover of Reliance Capital, particularly about its diverse shareholder structure, under which no single entity holds more than a 10% stake. The insurance regulator had requested in-depth information on IIHL's shareholders, including their identities, countries of incorporation, citizenship, equity percentages and details of major shareholder groups, it said. With the resolution process of Reliance Capital underway and the recent acquisition of a 60% stake in Invesco Mutual Fund, Hinduja expects IIHL's valuation to touch $50 billion by 2030 from $20 billion a year ago.

Hinduja also added that the promoter IIHL could even look at selling Reliance Capital's insurance companies to IndusInd Bank, once it receives the approval from Irdai. Sumant Kathpalia, the managing director and chief executive officer of IndusInd Bank, has expressed interest in applying for an insurance licence once it receives capital from the promoter. "For IndusInd Bank, as and when they get the permission, it will be left to the management to take a call, to start afresh or they will look in the market for any acquisition like in the case of Bharat Financial Inclusion," said Hinduja.

"So, any transactions we have to do between the IndusInd Bank, though the promoter may be common, it will be on an arm's length basis," he added.