IndusInd is said to be close to completing Reliance Capital acquisition

The acquisition of the shadow bank by the unit of Indian conglomerate Hinduja Group Ltd. was approved by a bankruptcy tribunal in February last year. Bloomberg

IndusInd International Holdings Ltd. is close to completing its acquisition of Reliance Capital for 98.6 billion rupees ($1.1 billion), according to people familiar with the matter.

An official announcement on the deal could be made in the coming days, the people said, asking not to be identified because the information is private.

A representative for IndusInd International didn’t respond to a request for comment. A Reliance Capital representative declined to comment.

The acquisition of the shadow bank by the unit of Indian conglomerate Hinduja Group Ltd. was approved by a bankruptcy tribunal in February last year.

Read More: India Tribunal Approves Hinduja’s $1.2B Bid for Reliance Capital

The Reserve Bank of India took control of Reliance Capital in November 2021, citing a failure to meet payment obligations and “serious governance concerns” that the board failed to remedy.